SK's Chey, Zambian president discuss EV battery material deal

South Korea’s SK Group Chairman Chey Tae-won has met with Zambian President Hakainde Hichilema to discuss potential mineral deals in core materials such as copper foil used in electric vehicle (EV) batteries.

Chey proposed to Hichilema In New York on Tuesday a public-private cooperation in key materials used in secondary batteries, according to SK, Korea’s No. 2 conglomerate. The group includes the EV battery subsidiary SK On Co. and the copper foil maker SK Nexilis Co.

“Zambia’s copper mines will be an interesting opportunity for SK as they supply the raw minerals used in copper foil, a key ingredient in EV batteries,” Chey told Hichilema.

Copper foil is a thin foil that surrounds the anode, or negative end, of a lithium-ion battery.

Chey also suggested that SK Group could expand its cooperation with the African country into other industries.

“In addition to the EV battery sector, we can play a role in helping Zambia’s energy transition based on green energy such as solar and hydroelectric power,” Chey stressed. “Korea, a manufacturing powerhouse, will be a good partner in improving Zambia’s manufacturing capacity.”

Hichilema responded by saying he hoped to continue with in-depth discussions on business cooperation between SK and Zambia.

SK Group seeks to secure a stable supply of EV battery raw materials, while Zambia is expected to expand eco-friendly businesses by tapping into its abundant natural resources.

Write to Kyung-Min Kang at kkm1026@hankyung.com
Jongwoo Cheon edited this article.