May 30, Australia Critical Minerals R&D Lab opens in Perth, Western Australia … First Korean company to collaborate with global research institutions at raw material mining sites
Joint development of steel and battery material utilization technologies and rare earth refining technologies with local raw material companies and research institutions
Chairman In-hwa Chang: “Combining Australia’s resources with POSCO’s technology to create added value … Will become a strategic hub for resource processing technology and critical mineral acquisition”
POSCO Holdings has opened the Australia Critical Minerals R&D Lab in Perth, Western Australia, and is embarking on securing ultra-gaps in technological competitiveness in steel, battery material, raw materials, and rare earth sectors. This marks the first time a Korean company has established a resource research institute on-site where raw materials are located.
The opening ceremony held on May 30 in Perth, Western Australia, was attended by POSCO Group Chairman In-hwa Chang, POSCO N.EX.T Hub Director Ki-soo Kim, representatives from Australian raw material companies including Hancock, BHP, Rio Tinto, and PLS (formerly Pilbara Minerals), research institutions such as the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Minerals Research Institute of Western Australia (MRIWA), and local universities including Curtin.
Chairman In-hwa Chang emphasized, “Since receiving its first iron ore supply from Australia in 1971, POSCO has been transforming into a global top materials company in steel and battery materials through solid collaboration with the Australian government and industry. The Australia Critical Minerals R&D Lab will combine Australia’s abundant resources with POSCO Group’s materials technology capabilities to add value to the Group’s core businesses and serve as a strategic hub for raw material processing technology and critical mineral acquisition.”
The POSCO Group has recognized the importance of localization strategies in steel and battery materials businesses, which have high raw material cost ratios, extending beyond economical raw material procurement to securing technological competitiveness in carbon reduction. Accordingly, it has become the first Korean company to establish a specialized research institution on-site in Australia, where raw material mines and international research institutions are located.
Chairman In-hwa Chang has emphasized the importance of cost reduction practices and technologies, particularly announcing his commitment to solving business-specific challenges through the integration of technology and business strategy across all steps from research and development to production and sales.
The Australia Critical Minerals R&D Lab will serve as a hub for the Group’s critical mineral research and development, including project execution in collaboration with local raw material companies and research institutions in the Group’s core business areas, such as economical low-carbon steel raw material utilization technology and cost reduction technology in lithium and nickel raw material sectors.
Moreover, the institute plans to conduct parallel research on rare earth supply chains and high-efficiency separation and refining technologies to explore next-generation critical mineral business opportunities and drive investment in global premier mines through local information exchange.
The POSCO Group has been cooperating with Australia in building supply chains for critical minerals, such as iron ore and lithium, since the early 1980s. It has participated in the development of Australia’s Roy Hill iron ore mine to procure steel raw materials stably and operates a joint venture for battery lithium hydroxide with PLS.
In particular, Chairman In-hwa Chang, leading the Korea-Australia Economic Cooperation Committee, is facilitating close cooperation between the two countries’ business communities and industrial development beyond traditional resource cooperation in minerals and batteries.
▲POSCO Holdings held the opening ceremony for the Australia Critical Minerals R&D Lab in Perth, Western Australia, on May 30. From left: Will Milstead, Rio Tinto CFO; John Stanning, PLS Head of Development; Professor Joe Elphick Huang, Curtin University; Ben Ellis, BHP Sustainability Executive; Miriam Stanborough, MRIWA Board Chair; Faye Duda, Honorary Consul to Australia; Chairman In-hwa Chang; Lewis Fisher, CSIRO Mineral Resources Director; Professor Marco Fiorentini, University of Western Australia; Professor Alex Nicholoski, Murdoch University; Ki-soo Kim, POSCO N.EX.T Hub Director.