The move comes as the firm looks to strengthen its lithium production and processing capabilities, as the material is used in manufacturing batteries for electric vehicles (EVs).
Currently undertaking global expansion plans, Livent is seeking to add more lithium assets to meet the surging demand for the metal from industries, including EVs and renewable energy.
In an interview, Livent CEO Paul Graves told the news agency: “We see Canada as a core part of our expansion capacity. We have to get bigger. We can’t just sit still.”
Graves said the company is also interested in deals in Australia, as well as Argentina, where the firm operates a lithium brine project.
Livent noted that the firm will buy a lithium mine if it comprises nearby adequate processing capacity, Graves added.
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In May 2022, Livent agreed to increase its stake in the Nemaska lithium project in Québec, Canada, from Pallinghurst Group and its investors.
The fully integrated lithium hydroxide development project is expected to have 34,000 metric tonnes of battery-grade lithium hydroxide production capacity. It is scheduled to start production in 2025.
Some of Livent’s key customers include General Motors, BMW and Tesla.
Earlier this year, Livent signed an agreement with General Motors (GM) whereby the former agreed to supply battery-grade lithium hydroxide made primarily from lithium extracted at its brine-based operations in South America.
GM plans to use lithium hydroxide for the production of Ultium battery cathodes, which will power electric vehicles.