South Korean business conglomerate Hanwha and Sudbury mine developer Frontier Lithium are exploring investment and supply opportunities around Frontier’s mining and refining plans in northwestern Ontario.
In a June 10 news release, Frontier said it has signed a non-binding memorandum of understanding (MOU) with Hanwha Corporation and its shipbuilding affiliate to establish a framework “for continued dialogue as we evaluate areas of potential collaboration,” said Trevor Walker, Frontier’s president-CEO.
Frontier, a mine developer, has a pair of lithium deposits, called the PAK project, in an isolated area of the northwest, near the Manitoba border. The company also has secured property in Thunder Bay for a proposed lithium refinery. Frontier has not made a construction decision on those projects.
Hanwha Ocean is best known as one of the finalists bidding on a multi-billion-dollar contract with Ottawa to supply a fleet of 12 new submarines for the Canadian navy.
The release said the parties will evaluate the sale of lithium products, including refined battery-grade lithium, and potential strategic investment and project financing. Those discussions could include a possible off-take agreement by Hanwha with Frontier.
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