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Ganfeng Lithium signed 5-year supply deal with BMW
2019-12-12

Dec 12¨C Ganfeng Lithium, a top lithium producer in China, has signed a five-year deal to supply German high-end car giant BMW with all its lithium needed for electric vehicle batteries, Ganfeng Lithium said in a statement Wednesday.

Based in east China's Jiangxi Province, Ganfeng is the world's third-largest and China's largest lithium compounds producer in terms of production capacity.

The €540 million ($599 million) contract will provide 100% of BMW's lithium hydroxide needs for fifth-generation battery cells from 2020-2024, said Andreas Wendt, BMW's board member in charge of purchasing.

BMW said Ganfeng extracts lithium by mining hard-rock deposits in Australia under ¡°strict sustainability standards¡±.

The German carmaker will also source cobalt, another key raw material for electromobility, directly from mines in Australia and Morocco from next year.

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