The partnership affords POSCO access to spodumene capacity equivalent to 30ktpy LCE contained, underpinning its downstream processing ambitions.

MinRes and POSCO Holdings have entered into a binding agreement in which POSCO will acquire 30% of MinRes’ operational lithium business under a new incorporated joint venture (JV) for a total upfront cash consideration of US$765M. MinRes will retain a 70% interest in the new JV.

MinRes’ 50% stake in each of the Wodgina and Mt Marion mines will be maintained within the JV, resulting in an effective share of production of 15% in each asset for POSCO on an underlying basis.

Spodumene concentrate capacity of 750ktpy SC6 at Wodgina (assuming Train 3 is operational), and 600ktpy SC6 at Mt Marion, means a volume of ~200ktpy SC6 (~30ktpy LCE contained) will become available to POSCO.

As per the current arrangement with JV partners Albemarle at Wodgina and Ganfeng at Mt Marion, MinRes will continue as the operator of both mines.

Both assets have expansion capabilities, providing the ability to respond to increasing demand from POSCO and the wider market.

At Wodgina, the third concentrator (Train 3) can start producing immediately but clean (ore within specification) consistent feed to support three trains won’t be available until November 2026.

Therefore, delivering production from three trains would lead to decreased performance as a result of processing more contact ore.

At Mt Marion, there is the potential to reintroduce a floatation circuit to produce a single product, as opposed to the high- (6% Li2O) and low-grade (~3% Li2O) products currently produced.

This would likely lead to improved yields and reduced costs through increased recoveries and streamlined operations.

The partnership represents a good opportunity for MinRes, allowing the company to maintain operating control of its lithium assets over the longer term, whilst leveraging POSCO’s strong global presence and supporting investment.

For POSCO, the partnership expands the company's access to quality Australian lithium production, building on the previous partnership with PLS and the development of downstream processing capabilities in South Korea.