According to the editionthe new entity will own 50 percent of Mineral Resources’ existing ownership in the Wodgina and Mt Marion lithium mines in Western Australia.
POSCO will make a cash payment of US$765 million to acquire a 30 percent stake in the joint venture. The remaining 70 percent is owned by MinRes.
The JV’s focus is on strengthening the capacity of Wodgina and Mt Marion to participate in the increasing demand for Australian lithium, given their Tier 1 status and significant expansion potential.
By supporting the development of new global conversion capacity, this partnership will play an important role in diversifying the global lithium supply chain and strengthening bilateral ties between Australia and Korea in critical minerals,” said MinRes Chairman Malcolm Bundey.
Wodgina is located approximately 120 kilometers south of Port Hedland in the Pilbara.
The three processing trains at the site have a total annual production capacity of approximately 820,000 tonnes of spodumene concentrate with a lithium oxide content of 5.5 percent.
Mount Marion is jointly owned by MinRes and one of the world’s largest lithium hydroxide producers, Jiangxi Ganfeng Lithium, where both parties hold an equal 50 percent stake.
Located 40 kilometers south-west of Kalgoorlie in the Goldfields region, Mt Marion’s mining operations include a spodumene concentrate processing plant with an annual production capacity of 600,000 tonnes (SC6 equivalent).
“(Both mines) are high-quality assets with proven scale that can support our business for decades to come,” said POSCO CEO Hwa Chang.
“We will combine POSCO’s downstream expertise with MinRes’ mining capabilities to drive the sustainable growth of the energy materials industry and contribute to the global transition to environmentally friendly mobility.”
The companies have an existing partnership with the Onslow Iron joint venture, with Onslow Iron successfully reaching nameplate capacity.
Onslow Iron also started production in a new hub by the end of October.
Subject to regulatory approval, the MinRes and POSCO transaction is expected to complete in the first half of 2026.
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Securities Disclosure: I, Gabrielle de la Cruz, have no direct investment interest in any company mentioned in this article.
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