POSCO Completes $765M Deal for 30 percent Stake in Two of Australia’s Top Lithium Mines
POSCO Holdings has finalized a US$765 million agreement to acquire a 30 percent stake in two of Australia's leading hard-rock lithium mines, Wodgina and Mount Marion, from Mineral Resources. This deal secures POSCO a stable annual supply of 270,000 tons of lithium concentrate, bolstering its "materials patriotism" strategy to localize the secondary battery materials supply chain and reduce reliance on third-party raw materials. The acquisition coincides with a significant rebound in lithium prices and follows POSCO's recent investment in an Argentine lithium brine subsidiary to further expand its raw material holdings.