Attends AKBC-KABC Annual Joint Meeting in Adelaide on 2 September as the Korean Chair, bringing together some 200 government and business leaders from both countries
CHANG: “Critical minerals have the potential to become a new growth pillar for bilateral industrial cooperation”… Calls for stronger supply chains combining Australian resources with Korean technology
Meets with key Australian ministers ahead of the meeting… Seeks support for POSCO group’s steel, lithium and energy projects in Australia
On 2 September, CHANG In Hwa, CEO of POSCO HOLDINGS, attended the 47th AKBC-KABC Annual Joint Meeting in Adelaide, Australia, as the Korean Chair and proposed strengthening resource supply chains by combining Australia’s resources with Korea’s advanced technologies.
Some 200 government and business leaders from both countries attended the meeting, including Australian Minister for Foreign Affairs Penny Wong, Minister for Trade and Tourism Don Farrell, and Martin Ferguson, Chair of the Australia-Korea Business Council (AKBC).
Established in 1979, the Korea-Australia Business Council (KABC) has served as a key platform for advancing economic cooperation between the two countries. Marking the 65th anniversary of diplomatic relations this year, participants agreed to use the occasion as an opportunity to take bilateral cooperation to the next level and expand the council’s role amid rapidly changing global supply chains.
In his opening remarks, CHANG said, “Critical minerals have the potential to become a new growth pillar for industrial cooperation between our two countries,” emphasizing the importance of strengthening supply chains by combining Australia’s abundant resources with Korea’s advanced smelting and processing technologies. He also called for the development of a robust energy ecosystem through greater stability in natural gas supply chains and cooperation in renewable energy, while expanding partnerships into defense, space and R&D so that the two countries can become key partners in future advanced industries.
During the meeting, participants held in-depth discussions on cooperation in three key areas: ▲steel, secondary battery materials and critical minerals ▲innovation and R&D ▲energy transition and decarbonization.
POSCO group shared the key activities of its Australia-based research institute specializing in critical resources, the group’s first overseas research institute dedicated to resources, and emphasized that bilateral cooperation should evolve into a broader technology partnership. POSCO INTERNATIONAL also explained that energy cooperation is moving beyond securing traditional resources toward jointly developing renewable energy businesses.
CHANG also engaged in private resource diplomacy on 1 September, a day before the meeting, holding consecutive meetings with Australian Minister for Industry and Innovation Tim Ayres and Minister for Trade and Tourism Don Farrell. During the meetings, CHANG reiterated the importance of resource cooperation and requested the Australian government’s support and cooperation to ensure the smooth progress of POSCO group’s steel, lithium and energy projects in Australia. He also met with Kathleen Conlon, Chair of Pilbara Minerals, and her delegation to explore ways to further strengthen cooperation in the lithium business.
CHANG’s proposal is part of POSCO group’s Triple-Core strategy. Under the strategy, POSCO group is expanding its business portfolio around three resource pillars: industrial resources such as steel, strategic resources such as lithium, and energy resources. Australia is a key partner, supplying approximately 70% of the group’s raw materials.
POSCO group has maintained wide-ranging cooperation with Australia across steel, secondary battery materials and energy. Beginning with long-term iron ore purchases in 1971, the group has imported more than 1.5 billion tons of raw materials from Australia and participated in the development of the Roy Hill iron ore mine from its early stages in 2010. In the secondary battery materials business, POSCO group operates a lithium hydroxide production plant at the Yulchon Industrial Complex in Jeollanam-do through a joint venture with Pilbara Minerals and acquired a stake in a high-quality lithium mine owned by Mineral Resources this year. In the energy sector, the group acquired Australia’s Senex Energy in 2022 and has continued to expand its natural gas business.
▲CHANG In Hwa, Korean Chair of the Korea-Australia Business Council (KABC) and CEO of POSCO HOLDINGS (left), poses for a commemorative photo with Martin Ferguson, Chair of the Australia-Korea Business Council (AKBC), at the 47th AKBC-KABC Joint Meeting held in Adelaide, Australia, on 2 September.
▲The 47th AKBC-KABC Joint Meeting was held in Adelaide, Australia, on 2 September. From the sixth person from the left in the front row: Penny Wong, Australian Minister for Foreign Affairs; CHANG In Hwa, Korean Chair of the Korea-Australia Business Council (CEO of POSCO HOLDINGS); and Martin Ferguson, Chair of the Australia-Korea Business Council.