According to information from the Lithium Branch of the China Nonferrous Metals Industry Association, Mineral Resources Ltd. issued a statement on Wednesday, November 12th, announcing that POSCO Holdings will invest 1.2 billion Australian dollars (765 million US dollars) to acquire a 30% equity stake in the lithium business of the Australian Mineral Resources Ltd. POSCO Holdings and MinRes will establish a joint venture. Through this deal, POSCO Holdings will gain partial ownership of two mines in Western Australia and will also receive lithium concentrate from these two mines corresponding to its equity stake.
It is reported that MinRes currently holds a 50% stake in both the Mount Marion and Wodgina mines. The other respective owners of these mines are Ganfeng Lithium and Albemarle.
Edited by Cassie Li, lixiangying@mysteel.com
