Korean steelmaker POSCO Group stated Wednesday it is going to make investments 1.1 trillion gained ($750 million) to safe lithium sources in Australia and Argentina to bolster its rechargeable battery supplies enterprise.
POSCO will purchase a 30 % stake in a subholding firm to be established by Australian miner Mineral Assets (MinRes) for 1 trillion gained, the corporate stated in a press launch.
The funding will enable POSCO to safe 270,000 tons of lithium focus per yr from the Wodgina and Mt. Marion mines operated by MinRes in Western Australia. The provision is enough to supply 37,000 tons of lithium hydroxide, sufficient for about 860,000 electrical automobiles (EVs), it stated.
“POSCO Group views the vitality supplies enterprise as a core progress driver alongside our metal operations, and we’re dedicated to securing a steady, cost-competitive provide of uncooked supplies to reinforce our long-term competitiveness,” POSCO Holdings Chief Government Chang In-hwa stated.
MinRes Chairman Malcolm Bundey stated the funding marks a milestone for the Australian lithium business.
This primary-of-its-kind funding by a significant Korean firm in Australian lithium will help the event of recent world conversion capability, assist diversify the worldwide lithium provide chain, and strengthen bilateral ties between Australia and Korea in important minerals, Bundey stated.
In Argentina, POSCO will purchase a one hundred pc stake within the native subsidiary of Canadian sources developer Lithium South Improvement (LIS), which owns lithium mining rights within the Hombre Muerto salt lake, for 95 billion gained, the corporate stated.
