POSCO Holdings Inc. (PKX) has secured a $765 million (KRW 1.1 trillion) agreement with Australian mining company Mineral Resources for a 30% stake in a lithium mining venture in Perth, Australia. This investment aims to enhance POSCO’s lithium supply chain for rechargeable batteries.
The joint venture will grant POSCO long-term access to lithium concentrate from the Wodgina and Mt. Marion mines, both recognized as premier hard-rock lithium sources. Wodgina holds approximately 6.2 million tons of lithium carbonate equivalent reserves, while Mt. Marion contains around 2.2 million tons. Through this deal, POSCO will acquire rights to 30% of the lithium concentrate produced.
POSCO’s shares have risen by 70.7% over the past year, contrasting with a 7.5% decline in the broader industry.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
