POSCO teams up with Australian company for lithium development, aiming to take lead in secondary battery market - South Korean media

POSCO Holdings (POSCO HD) has signed a business partnership agreement with Australian oil and gas company Hancock to cooperate in the lithium business.
As a result, the two companies are considering potential locations for lithium plants in various countries, including Korea, to promote their lithium production business with an annual production capacity of 30,000 tons.
Details such as the amount of investment will be finalized at a later date. Starting in 2025, the United States will impose a tax on imports of raw materials from "foreign entities of concern (FEOCs)" under the Inflation Control Act.
In response, POSCO Holdings has secured a stable lithium supply network that is not subject to FEOC regulations by cooperating with various mines owned by Hancock.
This will further strengthen the value chain within the group, which handles the entire process from salt lakes to lithium hydroxide, cathode materials and recycling.
POSCO Holdings is proactively securing lithium sources such as mines and salt lakes as the secondary battery market continues to temporarily slow down, and is looking forward to a recovery in the market.
At the same time, they aim to rapidly expand the market. In 2024, they plan to complete construction of a factory in Argentina with an annual production capacity of 25,000 tons of lithium extracted from salt lakes and 43,000 tons of lithium extracted from mines.
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