Posco invests US$765m in Australian lithium JV with MinRes

South Korean alloy and chemicals conglomerate Posco Group has agreed to put US$ 765 cardinal to unafraid lithium supplies from Australia, to enactment its expanding artillery materials business.

Australian mining institution Mineral Resources Ltd (MinRes) confirmed that Posco has committed to acquiring a 30% involvement successful a caller sub-holding institution that volition incorporated MinRes’ “operational lithium business,” including its existing 50% stakes successful the Wodgina and Mt Marion lithium mines successful Western Australia.

The statement volition let Posco to unafraid 270,000 tons of lithium ore annually from the 2 mines combined, successful proportionality with its 30% involvement successful the caller sub-holding company, from which it tin extract 37,000 tons of lithium hydroxide - capable to powerfulness astir 900,000 electrical vehicles.

MinRes confirmed that it volition clasp a 70% involvement successful the caller holding company. It volition besides proceed arsenic relation of some mines nether existing agreements with its associated task partners, Albemarle Corporation (Wodgina) and Jiangxi Ganfeng Lithium (Mt Marion).

MinRes said it expects the transaction with Posco to beryllium completed successful the archetypal fractional of 2026, with the proceeds to beryllium utilized to repay outer debt, fortify its equilibrium expanse and presumption the institution for its adjacent signifier of growth.

Posco Holdings’ CEO, Chang In-hwa, said successful a statement: “Posco Group views the vigor materials concern arsenic a halfway maturation operator alongside our alloy operations, and we are committed to securing a stable, cost-competitive proviso of earthy materials to heighten our semipermanent competitiveness.”

Posco besides confirmed that it has agreed to get a 100% involvement successful the Argentine subsidiary of Canadian miner Lithium South Development Corporation, which owns lithium mining rights successful Argentina’s Hombre Muerto brackish lake, for KRW 95 billion.

"Posco invests US$765m successful Australian lithium JV with MinRes" was primitively created and published by Just Auto, a GlobalData owned brand.

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