Australian lithium producer, Pilbara Minerals Limited has advised that the Company’s Board has conditionally exercised its option to enter into an incorporated joint venture with POSCO for the development of a downstream lithium chemical conversion facility in South Korea.
The plant is to be located in GWANGYANG Free Economic Zone in South Korea with a LCE capacity of 40ktpa. It is to process spodumene from the Pilgangoora Lithium-Tantalum Project.
“We are proud of the relationship we have developed with POSCO over the last year, which has gone from strength to strength as we continue to work through the joint venture development process.” said Ken Brinsden, Pilbara Minerals’ Managing Director
“It has been really pleasing to see the positive results generated by the due diligence work to date. The significant investment by POSCO into their PosLX technology has paid off and they have proven their ability to produce an industry leading, battery-ready lithium product through their innovative lithium purification process.”
“For Pilbara Minerals to have secured a strong and technically capable partner like POSCO is no mean feat and gives us an exciting opportunity to partner with them to enter the battery grade and cathode material product supply market and become a fully vertically integrated global lithium raw materials company.”
“The rapid growth in lithium chemicals consumption in South Korea cannot be underestimated and we believe this partnership positions Pilbara Minerals at the forefront of this emerging market, which is forecast by Benchmark Minerals Intelligence (October 2018) to position Korean battery manufacturers to supply around 25% of worldwide capacity by 2028,” he added.