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Biz News Korea(Eng)
Korea`s Posco to buy stake in Aussie lithium miner Pilbara
- Collected
- 2018.02.28
- Distributed
- 2018.03.02
- Source
- Go Direct
![Posco Chairman Kwon Oh-joon, center, visits a lithium mine in Pilbara, Australia in this picture taken last November. [Photo by Posco]](http://file.mk.co.kr/meet/neds/2018/02/image_readtop_2018_136394_15197983413222360.jpg)
Posco Chairman Kwon Oh-joon, center, visits a lithium mine in Pilbara, Australia in this picture taken last November. [Photo by Posco]
Posco said in a statement it will use the commodity to make 30,000 tons of lithium products per year starting from 2020. The lithium products will be supplied to battery material manufacturing affiliate Posco ESM and its joint venture with China’s Huayou Cobalt and South Korean battery makers.
Pilbara Minerals, which owns 100 percent of the Pilgangoora lithium mine in western Australia, aims to begin production of 300,000 tons of lithium concentrate in the second half of this year and scale up the output to as much as 800,000 tons annually, Posco said. Pilbara will also take a 30-percent stake in Posco’s planned lithium factory.
Posco successfully developed a faster and more cost effective method to extract lithium directly from salt water in seven years after its project was launched in 2010. Now the company can obtain lithium from other source materials such as discarded lithium batteries and mines, which means Posco is able to choose between different sources of lithium depending on prices.
At 12:45 p.m., shares of Posco were down 4.4 percent at 362,000 won.
By Woo Je-yoon and Minu Kim
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