Signed a stake investment agreement worth approximately USD 765 million with Mineral Resources, a leading Australian mining and mining services company
Secured the right to be supplied with 30% of the lithium concentrate allocated to the joint venture from the Wodgina and Mt. Marion mines, expecting dividend income and synergies with downstream processing.
Realizing the vision of “Sojae-Boguk” (contributing to national development through materials) by preemptively securing high-quality global resources, further strengthening competitiveness in rechargeable battery materials
POSCO Holdings (CEO Chang, In-Hwa) is further strengthening its supply chain competitiveness for rechargeable battery materials by signing a stake investment agreement with a top-tier Australian lithium mine to ensure a stable supply of high-grade spodumene.
On the 30th, POSCO Holdings signed a lithium mine stake investment agreement worth approximately USD 765 million (approx. KRW 1.1 trillion) with Mineral Resources, an Australian mining and mining services company, in Perth, Australia.
This agreement materializes the investment plan for Australian lithium mines announced last November. POSCO Holdings will establish a new intermediate holding company with Mineral Resources and acquire a 30% stake in it.
Through this contract, POSCO Holdings has secured the right to be supplied with 30% of the lithium concentrate produced by the joint venture (LithiumCo) from the Wodgina and Mt. Marion mines in Western Australia.
Wodgina and Mt. Marion are considered premier lithium mines in Australia. The Wodgina mine is ranked among the top 5 global mines, boasting a high concentrate grade of 5.5% and reserves of approximately 6.2 million tons (lithium carbonate equivalent). The Mt. Marion mine, with reserves of approximately 2.2 million tons, is recognized as a core asset capable of stable lithium supply based on its proven production capabilities and long operational history.
Through this stake agreement, POSCO Holdings plans to not only secure stable dividend income but also solidify its lithium value chain—from raw material mining to material production—by obtaining long-term supply rights for lithium concentrate.
Lee Ju-tae, President of POSCO Holdings, stated, “This collaboration is highly significant as it combines Mineral Resources’ mining operational expertise with POSCO Holdings’ downstream processing technology to contribute to the stabilization of the global battery material supply chain. Based on our solid mutual trust, we will continue to strengthen our long-term partnership in the global lithium market.”
Chris Ellison, CEO of Mineral Resources, remarked, “We are delighted to sign this agreement with POSCO Holdings, which marks a significant milestone in establishing a robust foundation for a partnership that will span decades. We look forward to finalizing the remaining procedures, including merger filings, and completing the transaction promptly.” He added, “This partnership is a landmark case of a major Korean company investing in the Australian lithium industry. We will concentrate all our capabilities to ensure that the Wodgina and Mt. Marion mines reach their full potential as the world’s best hard rock lithium assets.”
Following the recent acquisition of additional lithium salt lakes in Argentina and this investment agreement in Australian spodumene, POSCO Holdings is executing its strategy of “preemptive acquisition of global high-quality resources,” a key focus since POSCO Holdings CEO Chang, In-Hwa took office. The POSCO Group plans to realize its vision of “Sojae-Boguk”—contributing to national development through materials—by localizing rechargeable battery materials and strengthening raw material self-sufficiency, thereby solidifying its competitiveness in the global rechargeable battery material market.
▲ POSCO Holdings signed a lithium mine investment agreement worth USD 765 million with Mineral Resources in Perth, Australia, on the 30th. (From left) Josh Thurlow, Chief Executive of Lithium at Mineral Resources; Mark Wilson, CFO of Mineral Resources; Chris Ellison, CEO of Mineral Resources; Lee Ju-tae, President of POSCO Holdings; and Lee Sung-won, Head, and Lee Chul-kyu, Vice President, of the Energy Materials Business Development Office.
▲ A view of the Wodgina lithium mine in Western Australia, owned and operated by Mineral Resources.