Posco, a South Korean steelmaker, and Hancock Prospecting, an Australian mining company, are partnering on a new project. They will construct a lithium processing plant. This plant will produce 30,000 metric tonnes per year. This strengthens their position in the growing lithium market. This market is crucial for electric vehicles (EVs) and renewable energy.
Securing a Stable Lithium Supply Chain
The facility will play a significant role in the lithium supply chain. The joint venture aims to cover the entire value chain. This includes mining, extraction, and production of lithium hydroxide. It also includes cathode materials and recycling. Posco aims to solidify its competitive edge. They are strategically bypassing US Foreign Entity of Concern (FEoC) regulations. The plant’s location is still under consideration. South Korea is a potential location.
Expanding Global Lithium Presence
Both companies have a strong presence in the lithium industry. Hancock owns a significant stake in Liontown Resources. This is a major Australian lithium developer. Posco has joint ventures with Pilbara Minerals. They also invest in the Sal de Oro brine project in Argentina. These partnerships secure a stable lithium supply. This is essential for future technologies.
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