(Reuters) – Battery materials developer Australian Mines Ltd (AX:) said on Friday a cobalt and nickel supply agreement with South Korean battery maker SK Innovation (KS:) 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 toward securing funding to develop the Sconi project.
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