NexOptic Technology Corp (TSXV:NXO)
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China’s GEM has penned a long-term deal to provide South Korean cathode materials giant EcoPro BM with raw materials used in lithium battery with high energy density.
GEM will supply no less than 176,000 tons of high-nickel ternary precursor materials to EcoPro by 2023, the Shenzhen-based firm said in a statement yesterday, citing the agreement.
The Chinese metals recycler will deliver at least 30,000 tons of such electric vehicle battery materials to the Cheongju-based company this year, 73,000 tons next year, and more than 73,000 tons in 2023. EcoPro counts Samsung Electronics and Samsung SDI as some of its clients.
The deal will help GEM achieve its goal of producing and selling 100,000 tons of ternary precursor materials this year while promoting its expansion, it added.
Each June and December, the pair will determine product pricing based on quotations on the London Metal Exchange and Fastmarkets MB.
GEM’s stock price [SHE:002340] was 1.3 percent up at CNY8.53 (USD1.30) this morning.