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AMG signs lithium chemical offtake MOU with South Korea's Ecopro

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AMG signs lithium chemical offtake MOU with South Korea's Ecopro

London — AMG Advanced Metallurgical Group has signed a memorandum of understanding for the long-term sale of lithium chemicals to South Korea's Ecopro for use in the production of cathode active materials, the Netherlands-based company said Friday.

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Under the terms of the agreement, AMG will build a lithium chemical plant at its mine site in Brazil, the output of which will be supplied to Ecopro for its cathode active materials production.

AMG entered the lithium market in 2016 with an investment of around $50 million in the construction of a lithium concentrate plant at its existing Mibra mine in Brazil.

The 90,000 mt/year plant began operating in May this year; the second phase of AMG's investment program entails increasing the annual production of spodumene concentrate from 90,000 mt to 180,000 mt, with mechanical completion expected in the second half of 2019.

The company's Brazilian subsidiary, AMG Mineracao, completed its first shipment of lithium concentrate from the Mibra mine in September.

AMG and Ecopro intend to finalize definitive legal agreements no later than February 12, 2019, AMG said.

--Andy Blamey,

--Edited by Jonathan Dart,

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