Snow Lake Lithium, a carbon-focused mining company, announced that it has signed a Memorandum of Understanding (MOU) with battery manufacturer LG Energy Solution to establish a domestic lithium supply chain in the North American market. Snow Lake Lithium plans to launch a lithium mining operation in 2025 and plans to provide LG with precious earth materials critical to current electric vehicle battery chemistry. This domestic supply chain could also help several automakers receive U.S. federal tax credits.
Snow Lake Resources Ltd. ($LTIM) is a publicly traded mining company looking to source valuable battery materials in new and more sustainable ways. The company has committed to providing fully traceable, carbon-neutral and zero-hazard lithium to the electric vehicle and battery markets in North America through the use of hydroelectric power and zero-emission mining machinery.
Snow Lake Resources Ltd. currently holds mining rights to a parcel of land in Manitoba, Canada, that is rich in lithium resources. The company began initial evaluation of this land in early 2022, but says it will need 18-24 months to complete work before commercial lithium mining can actually begin in North America.
Snow Lake Lithium still has a lot of work to do before it can tap such an abundant supply of lithium for North American automakers. Based on early assessments, the company believes the resources on the continent alone could provide enough lithium to power 5 million electric vehicles, which could reduce U.S. automakers’ reliance on China.
In its latest announcement, LG Energy Solution – a major battery supplier to North American electric car makers – will establish a viable domestic lithium supply chain that will bring economic benefits to automakers and their U.S. customers.
