MinRes and POSCO Establish Strategic Lithium Joint Venture

Mineral Resources (MinRes) and POSCO Holdings have signed a binding agreement to create an incorporated joint venture focused on lithium operations. Under the agreement, POSCO will acquire a 30% stake in MinRes’ operational lithium assets, including indirect interests in the Wodgina and Mt Marion mines in Australia.

The transaction involves an upfront payment of $765 million by POSCO and values MinRes’ 50% interest in both mines at approximately $3.9 billion. MinRes will retain operatorship of both mines under existing agreements, and POSCO will receive spodumene concentrate proportional to its stake. The joint venture is subject to customary regulatory approvals and is designed to enhance the long-term supply of lithium to meet growing market demand.

  • POSCO to pay $765 million for a 30% JV stake
  • Transaction subject to standard regulatory approvals
  • Companies involved: Mineral Resources (MinRes), POSCO Holdings; assets: Wodgina and Mt Marion lithium mines, Australia