LG Chem Ltd. will invest 475.4 billion won in a plant to produce 60,000 tons a year of cathode materials and create 187 jobs for the next three years, according to the Ministry of Trade, Industry and Energy said in a statement.
The start of construction of the plant in Gumi, 260 kilometers south of Seoul, is set for next month aiming to produce the material from 2024, says an LG Chem spokesman.
LG Chem has two domestic cathode materials plants, in Cheongju and Iksan, and another in Wuxi, China with a combined output capacity of 80,000 tons of cathode materials a year.
The cathode is the main component of lithium-ion batteries for electric vehicles and electronic gadgets.
