October 31, 2019 / 9:50 PM / 19 days ago

Battery materials maker Australian Mines' supply deal with S. Korean co terminated

Nov 1 (Reuters) - Battery materials developer Australian Mines Ltd said on Friday a cobalt and nickel supply agreement with South Korean battery maker SK Innovation has been terminated.

Under initial terms agreed on in October, SK Innovation was required to issue a finance letter to Australian Mines which it has not done, leading to the agreement being automatically terminated, Australian Mines said.

In August, SK Innovation had agreed to purchase 100% of the battery-grade cobalt sulphate and nickel sulphate produced from Australian Mines’ flagship Sconi Cobalt-Nickel-Scandium Project in North Queensland.

The company on Friday added it would continue discussions for off-take agreements with other interested parties, while also working towards securing funding to develop the Sconi project. (Reporting by Rashmi Ashok in Bengaluru Editing by Chris Reese)

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