South Korea’s LG Chem Acquires Stake in US Lithium Firm

The deal makes LG Chem the first South Korean firm to secure lithium from North America

Former South Korean President Lee Myung-Bak (C) looks at an electric car during a dedication ceremony for LG Chem's car battery plant at the town of Ochang, South Korea, on April 6, 2011. Dong-A Ilbo/AFP/Getty Images

South Korean chemical firm LG Chem said on Friday that it had acquired a stake in U.S. mining company Piedmont Lithium Inc. for $75 million in a bid to secure raw materials needed for its manufacturing of electric-vehicle (EV) batteries.

The equity investment provides LG Chem with a 6 percent stake in Piedmont, which holds a 25 percent ownership interest in the North American Lithium (NAL) mine in Quebec, Canada, the company said in a statement.