Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
General Motors Co said Wednesday it plans to form a joint venture with South Korea’s POSCO to build a battery cathode materials plant in North America by 2024.
The move comes as GM is ramping up electric-vehicle production and vowing to shift more of its supply chain to North America.
GM did not disclose the planned investment or size of the facility but said it could announce a location in early 2022.
The cathode is one of the key components of batteries. GM’s new Ultium batteries use cathodes made of nickel, cobalt, manganese and aluminum.
GM said the cathode materials plant would supply new battery cell manufacturing plants the automaker is building with Korean partner LG Energy Solution in Ohio and Tennessee, and two additional GM battery cell plants in North America.
POSCO currently supplies cathode materials to LG and others from facilities in Korea.
GM said the JV with POSCO is aimed at increasing the automaker’s control over every aspect of electric vehicle batteries, from raw materials to recycling.
GM has said it plans to end the sale of light duty internal combustion vehicles by 2035.
(By David Shepardson and Paul Lienert; Editing by Nick Zieminski)
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