Minister of Trade, Industry and Resource Kim Jung-Kwan and POSCO Group Chairman Jang In-Hwa attended the ceremony, discussing cooperation on local permitting and investment conditions

Diversified the permanent magnet value chain with Brazilian rare earths as part of POSCO Group’s “Triple-Core” strategy to strengthen its resource supply chain

POSCO Group is creating synergies with Brazil to secure the domestic supply chain for core materials and unlock new growth opportunities

POSCO Group (Chairman Jang In-Hwa) is stepping up efforts to secure and diversify its core mineral supply chain by partnering with Meteoric Resources, a rare earth supplier in Brazil.

On the 28th (local time), POSCO INTERNATIONAL signed a strategic memorandum of understanding (MOU) with Meteoric Resources, the rare earth development company currently working on a project in Brazil, at the Grand Hyatt São Paulo in Brazil to secure a stable supply of rare earth raw materials and establish a resilient supply chain.

The signing ceremony was attended by Minister of Trade, Industry and Resource Kim Jung-Kwan, POSCO Group Chairman Jang In-Hwa, POSCO INTERNATIONAL President Lee Kye-In, and Meteoric Resources CEO Stuart Gale, underscoring the significance of the partnership as a joint effort between the two countries’ governments and companies to strengthen cooperation on critical minerals.

Under the MOU, the two companies agreed to cooperate closely throughout the project, including ▲ negotiating key commercial terms for a long-term rare earth supply agreement, ▲ pursuing an equity investment linked to the long-term supply agreement, and ▲ executing a Definitive Agreement.

Under the partnership, Meteoric Resources will supply rare earth intermediate products from its Caldeira Project in Minas Gerais, Brazil, to POSCO INTERNATIONAL. POSCO INTERNATIONAL will then produce rare earth oxides under its independently developed separation and refining project and provide a stable supply to major permanent magnet manufacturers in Korea and abroad.

Chairman Jang In-Hwa said, “By linking POSCO Group’s integrated rare earth value chain—spanning raw material procurement, separation and refining, and ultimately permanent magnet production—with Brazil’s status as home to the world’s second-largest rare earth reserves, we will help stabilize Korea’s supply chain for the core materials essential to the future mobility industry, while also opening up new growth opportunities for the Group.”

POSCO Group is already expanding its presence in the global market, having secured a series of supply agreements with leading automakers in North America and Europe for rare earth permanent magnets used in electric vehicle (EV) traction motors. The Group plans to maximize the competitiveness of its value chain, from raw material procurement to final product supply, by integrating Brazilian rare earth raw materials into the global automotive supply chain.

Meanwhile, at its Investor Day held on July 2, POSCO Group unveiled its “Triple-Core” strategy, centered on industrial resources (steel), strategic resources (lithium, rare earths, and rare gases), and energy resources (LNG and renewable energy). POSCO Group is focusing its capabilities on securing mineral resources that are vital to national economic security and serve as core materials for future industries, while diversifying its global supply chain to reduce reliance on any single country.

In the strategic resources sector, the Group is strengthening its competitive position through early investments in high-quality assets, including the Hombre Muerto Norte Lithium brine project in Argentina and the Wodgina and Mt. Marion lithium mines in Australia, while also planning to reinforce its leadership in the global supply chain by completing a full-cycle value chain for critical minerals, including rare earths. As part of this effort, the Group signed an MOU in July with Mongolia’s Chinggis Khaan Sovereign Wealth Fund to cooperate in the critical minerals sector.

▲ POSCO Group Chairman Chang In-Hwa, POSCO INTERNATIONAL CEO Lee Kye-In, South Korean Industry Minister Kim Jung-Kwan, Meteoric Resources CEO Stuart Gale and Meteoric Resources Brazil CEO Marcelo de Carvalho (from L to R) pose for a photo after signing a memorandum of understanding (MOU) to strengthen the rare earth supply chain during a bilateral business roundtable in Brazil on July 28, 2026, in this photo provided by the Ministry of Trade, Industry and Resource.