Huayou Cobalt, China's largest supplier of cobalt chemicals, and South Korea's LG Chem announced a partnership to build a battery materials plant in Morocco, which was scheduled to begin production in 2025, with a target capacity of 50,000 tons per year.

The raw materials produced will be supplied directly to the lithium-phosphate-iron battery plant in Morocco.

In addition, LG Chem planned to set up a precursor plant with an annual capacity of 50,000 tons in Indonesia with Huayou Cobalt, to meet the rapidly growing demand from the electric vehicle battery market.