Yuseongwoon, Chairman of Indong Advanced Materials, Pledges All Shares of Indong, FIC, and Eurosell to GEGI as Collateral... All-In on Lithium Business

[Asia Economy Reporter Jang Hyowon] Yuseongwoon, chairman of Indong Advanced Materials, reportedly provided all shares of Indong Advanced Materials and its affiliates that he owns as collateral to GEGI, a U.S. partner, at the time of the contract last August to secure mining rights for the Bolivia lithium project.

According to electronic disclosures by Indong Advanced Materials and the Financial Supervisory Service on the 9th, Chairman Yuseongwoon provided GEGI with 3.4 million shares of Indong Advanced Materials, about 4 million shares of FIC New Materials, and about 2.8 million shares of Eurocell as collateral for the lithium project.

Chairman Yuseongwoon stated, “Although there are disputes in the market regarding the truth of the lithium project, this is merely a difference in contract parties and expressions; securing the mining rights is a fact.”

He added, “By providing all the shares I hold to our partner GEGI, I have expressed my commitment to the Bolivia lithium project,” and “I will disclose the schedule for the lithium project sequentially through official announcements in the future.”

In fact, Indong Advanced Materials has submitted a mining rights report for lithium to the Ministry of Trade, Industry and Energy, which has accepted the report. According to the Ministry, the report documents for the mining mineral ‘lithium’ have been accepted.

However, the reason for the market’s denial of lithium mining rights for the Bolivia Lithium Corporation (YLB) and the Korea-U.S. consortium is explained as a difference in expression. The contract between YLB and GEGI is for mineral mining rights, whereas the contract between GEGI and Indong Advanced Materials specifically states lithium.

Meanwhile, Indong Advanced Materials has decided to take strong legal action, including civil and criminal penalties, against fake news and malicious comments circulating in the market regarding the truthfulness of the matter.

A company official said, “If the lithium project were fake, could we have undertaken such a major endeavor against domestic and foreign governments?” and added, “We will take the issue of any form of malicious comments or fake news very seriously and plan to respond strongly with legal measures.”