Posco Holdings signs an MOU with Australia's Hancock
Posco Holdings signed a memorandum of understanding (MOU) with Australia’s Hancock on Monday related to mine development and the processing of raw materials used in electric vehicle (EV) batteries.
Posco Holdings Chairman Choi Jeong-woo visited Australia on Monday to assess the projects the company has invested in and to discuss business with raw material partners including Hancock.
“If Posco and Hancock, which has excellent experience and capabilities in the mining industry, work with us in the secondary battery raw material business, great synergy will be created,” said Choi.
Under the agreement, Posco agreed to jointly develop mines for raw materials including lithium, nickel and Hot Briquetted Iron (HBI). Lithium and nickel are main materials used in EV batteries, while HBI is a processed product formed by removing oxygen from iron ore into a Briquette shape.
Choi met with Gina Rinehart, chairwoman of Hancock, on Monday, and signed an MOU on plans for mine development of metals and promotion of Hot Briquetted Iron (HBI) business.
On Tuesday, Choi met with the head of First Quantum Minerals, a company specializing in mining development and smelting, and Ravensthorpe Nickel Operation, a nickel mining and smelting company and discussed additional business opportunities.
In addition, Choi met with the head of Pilbara Minerals, which develops and produces lithium raw materials, and asked for the increased supply of lithium concentrate.
Posco Holdings and Posco have so far invested more than 4 trillion won ($3.09 billion) in Australia to develop raw materials, such as iron ore, lithium and nickel.
BY LIM JEONG-WON [email@example.com]