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    AUZ   AU000000AUZ8


End-of-day quote. End-of-day quote Australian Stock Exchange - 11/26
0.022 AUD   +4.76%
11/23AUSTRALIAN MINES : Quarterly cash flow report
11/23AUSTRALIAN MINES : Quarterly activities report
11/16AUSTRALIAN MINES : Notice of Annual General Meeting
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

LG Energy Solution Secure 100% Rights to Battery-Grade Nickel and Cobalt Materials from Australian Mines Limited

08/16/2021 EST

LG Energy Solution has secured 100% rights to battery-grade nickel and cobalt materials from Australian Mines Limited amid growing concerns about future supplies of raw materials. LG Energy Solution announced it has entered into a binding long form offtake agreement with Australian Mines Ltd. for nickel and cobalt, which will be supplied in the form of mixed hydroxide precipitate (MPH) from the Sconi Project in North Queensland. Under the binding long form offtake agreement between LG Energy Solution and Australian Mines Ltd, the battery manufacturer will have access to 71,000 tons of nickel and 7,000 tons of cobalt for 6 years starting from the end of 2024. The six-year supply deal would translate to producing batteries that can power 1.3 million high-performance electric vehicles, with driving range surpassing 500 kilometers on a single charge. The offtake agreement states that LG Energy Solution purchase EV battery materials from Australian Mines' flagship Sconi Project based in Queensland, currently under development. Valued at USD 1.5 billion, the Sconi Project is a nickel and cobalt mine, capable of creating quality battery materials and boost battery supply chain. Cooperation with Australian Mines Ltd. will also help LG Energy Solution gain an upper hand in securing stable supply of key ingredients for EV batteries, as a race to procure raw materials for EV batteries became fierce amid growing global demand of EVs. LG Energy Solution opts to also raise its competitiveness in ESG management in the process of acquiring raw materials. During the mining procedure, Australian Mines Ltd. will be using the dry stacking method, known as a sustainable method used to store filtered tailings. Although more costly, compared to the conventional method due to construction and maintenance expenses, the dry stacking method is deemed an environmentally friendly way to extract raw materials. The dry stacking method eliminates the use of storage ponds and dams associated with conventional tailings facilities, which is an eco-friendly method used to store filtered tailings. This method avoids the possibility of dam failure and long-term storage issues. Conventionally, the handling of tailings includes dumping them directly into streams, rivers and lakes or using mining surfaces or underground quarries and pits for disposal, leading to potential leakage of toxic substances.

ę S&P Capital IQ 2021
11/23AUSTRALIAN MINES : Quarterly cash flow report
11/23AUSTRALIAN MINES : Quarterly activities report
11/16AUSTRALIAN MINES : Notice of Annual General Meeting
10/07ROBERT WALTERS : London Shares Set to Rise After Upbeat Asia, US Trading
10/07EMEA MORNING BRIEFING : Stocks to Rise After Wall Street Closes Higher
09/23Australian Mines Limited Reports Earnings Results for the Full Year Ended June 30, 2021
08/16Australian Shares Sink on Fall in Commodity Prices
08/16Australian Mines Secures Six-Year Nickel-Cobalt Offtake Deal With LG Energy Solution
08/16LG Energy Solution Secure 100% Rights to Battery-Grade Nickel and Cobalt Materials from..
08/15Australian Mines Limited Enters into Binding Long Form Offtake Agreement with LG Energy..
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Analyst Recommendations on AUSTRALIAN MINES LIMITED
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Sales 2021 0,06 M 0,04 M 0,04 M
Net income 2021 -4,49 M -3,20 M -3,20 M
Net cash 2021 3,30 M 2,35 M 2,35 M
P/E ratio 2021 -18,3x
Yield 2021 -
Capitalization 94,7 M 67,4 M 67,4 M
EV / Sales 2020 329x
EV / Sales 2021 1 331x
Nbr of Employees -
Free-Float 93,4%
Duration : Period :
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Managers and Directors
Benjamin John Bell Chief Executive Officer, MD & Executive Director
Michael Ramsden Independent Non-Executive Chairman
Tim Maclean Chief Operating Officer
Michael Elias Independent Non-Executive Director
Dominic Marinelli Independent Non-Executive Director