Compass Minerals and LG Energy sign supply agreement for battery-grade lithium

South Korean battery maker LG Energy Solutions (LGES) said that it had entered into a non-binding deal for battery-grade lithium supply with Compass Minerals while negotiations for a final agreement were ongoing.
Prices of battery metals including lithium, cobalt and nickel have rallied to multi-year highs due to red-hot demand for electric vehicles (EVs).
Compass is the first US-based lithium producer to partner with the battery manufacturer as it looks to solidify its supply chain in North America to meet soaring demand for EVs, LGES said.