POSCO Holdings is ramping up its efforts to secure critical lithium resources, with a focus on acquiring new spodumene mines in Australia and expanding its portfolio in South America. Kim Jun-hyung, Head of Secondary Battery Materials at POSCO, revealed the company’s strategic moves following the “Secondary Battery Forum” on September 11. He emphasized that the timing is favorable with lithium prices just above $10, presenting an opportunity for acquisitions.
Beyond Australia, POSCO is actively bidding for lithium brine mining projects in Chile, including the Maricunga and Salares Altos Andes projects, which have the potential to significantly boost the company’s lithium supply chain. The Chilean projects are poised to produce at least 60,000 tons of lithium annually, further strengthening POSCO’s global position in battery material supply.
Kim also addressed POSCO’s restructuring of 120 business units, clarifying that the reorganization targets underperforming projects and does not affect the company’s broader growth trajectory in the secondary battery sector. He reassured stakeholders that POSCO remains committed to its secondary battery ambitions.
Amid these expansion efforts, POSCO is adjusting its investments in joint ventures, such as the precursor plant with China’s Huayou Cobalt, in response to evolving U.S. regulations under the Inflation Reduction Act (IRA) and potential Foreign Entity of Concern (FEOC) designations.
