Posco chief discusses cooperation in rare earth minerals with Australia at joint meeting

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Posco chief discusses cooperation in rare earth minerals with Australia at joint meeting

Published: 02 Sep. 2024, 18:12 Updated: 02 Sep. 2024, 19:01

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

Posco Holdings and Korea Australia Business Council (KABC) chairman Chang In-hwa and Australia Korea Business Council (AKBC) Chairman Martin Ferguson pose during the AKBC-KABC Joint Meeting held in Perth, Australia on Monday. [POSCO HOLDINGS]

The chief of Posco Holdings discussed cooperation on a wider range of minerals like graphite and rare earth with Australia during a meeting in the country.

Chairman Chang In-hwa met with Minister for Trade Cheong In-kyo and Australia-Korea Business Council (AKBC) Chairman Martin Ferguson at the 45th Joint Meeting of the AKBC and the Korea-Australia Business Council (KABC) held in Perth, Australia, on Monday.

"Korea and Australia have worked together toward fostering a clean energy future that encompasses sustainable materials and innovation in infrastructure, a step beyond the traditional, resource-focused cooperation on minerals and energy," Chang, who is also the chairman of the KABC, said.

"I hope that the two countries will secure greater competitiveness and opportunities in global markets through close economic ties," he said.

The two nations explored supply chains for key minerals, artificial intelligence, startups, the defense and aerospace industries, food and basic infrastructure in green energy.

Posco has been working with Australia since the early 1980s and has invested 4 trillion won ($2.99 billion) in the country so far. The company also buys over $7 billion worth of raw materials from Australia for steelmaking each year, which accounts for 70 percent of Posco's entire raw material expenditure.

“Posco Group also established a partnership with Australia for hot briquetted iron as well as hydrogen and lithium businesses, and the company plans to communicate with potential Australian partners for graphite and rare earth element industries,” the company said Monday.

Around 250 businesspeople and politicians, including Australian Minister for Trade and Tourism Don Farrell, Western Australian Premier Roger Cook and Australian Ambassador to Korea Jeff Robinson joined this year's event.

The joint meeting was held 10 years after the two nations signed a bilateral free trade agreement in 2014.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]