EV Advanced Materials Adds 'Copper' to Imports Following Core Secondary Battery Material 'Lithium'

EV Advanced Materials announced on the 4th that it has signed a contract to supply high-purity copper, Electrolytic Copper Cathode, domestically through Hong Kong-based Company W and domestic Company A.

The main content of the contract is that EV Advanced Materials will purchase a pilot quantity of 250M/T (metric tons) of 'Electrolytic Copper' and, after completing the initial transaction and a certain period, will increase the volume to pursue regular purchases.

This copper quantity is a Zambian product with a purity of 99.99~99.97%, shipped in containers from Tanzania, arriving at Busan, and will be distributed to various domestic suppliers.

EV Advanced Materials is currently conducting distribution business by supplying 500 tons of Congolese copper in the second quarter to domestic Company D through Singapore-based Company H, and through this Zambian copper contract, plans to diversify import sources and routes while ensuring stable distribution.

As the carbon-neutral society and eco-friendly energy transition are expected to significantly increase metal demand, interest in copper is also growing.

The International Energy Agency (IEA) stated in its 2022 "World Energy Outlook Special Report" that "clean energy technologies for energy transition increase mineral demand," and introduced that "copper is not only the most used mineral in electric vehicles and offshore wind power but also a key material in onshore wind, solar, and nuclear power generation."

Of the total copper demand of 25.6 million tons in 2022, an estimated 6.43 million tons (25%) was for energy transition purposes, with 75% of that used for power grids (generation, power systems) and 14% for electric vehicle demand. For carbon neutrality, both power grid and electric vehicle demand are expected to continuously expand, and driven by the rapid growth of the electric vehicle market, the share of energy transition in total copper demand is expected to exceed half in ten years.

A representative of EV Advanced Materials stated, “Our company pursues continuous growth in its core business and steadily promotes secondary battery-related businesses in line with the growth of the electric vehicle market to create new growth engines. Following lithium carbonate and lithium hydroxide, we will also expand the copper distribution business and strive to add momentum to the company’s growth through business diversification.”