Mineral Resources (MinRes) has struck a landmark deal with POSCO, giving the South Korean giant a 30 per cent stake in MinRes’ lithium business and cementing the future of two of Australia’s top lithium mines.
MinRes chair Malcolm Bundey called the agreement a milestone for the company and the Australian lithium sector.
“This first-of-its-kind investment by a major Korean company into Australian lithium is a milestone for our industry. It signals the growing global demand for Tier 1 hard rock lithium assets and the confidence international partners have in Australia’s ability to meet that demand,” Bundey said.
“By supporting the development of new global conversion capacity, this partnership will play an important role in diversifying the global lithium supply chain and strengthen bilateral ties between Australia and Korea in critical minerals.
“This continues our commitment to strengthening our financial position and leveraging our core competencies to position us for the future, while maintaining a material position in global lithium markets with Tier 1 partners.”
The new incorporated joint venture will hold MinRes’ existing 50 per cent ownership of the Wodgina and Mt Marion operations.
POSCO Holdings will acquire its 30 per cent interest, effectively 15 per cent of each mine at an underlying level, for $1.2 billion ($US765 million), valuing MinRes’ 50 per cent stake in the two mines at about $3.9 billion.
MinRes will retain a 70 per cent interest and continue to operate both mines under existing agreements with Albemarle Corporation at Wodgina and Jiangxi Ganfeng Lithium at Mt Marion.
POSCO will also receive spodumene concentrate proportional to its stake, supporting its downstream processing plans. MinRes said the deal reflects its proven strategy of recycling capital through partnerships with major global companies to fund growth and unlock value.
MinRes managing director Chris Ellison said the transaction strengthens the company’s ability to grow across its portfolio.
“POSCO Holdings’ investment is a testament to the long-term value of Wodgina and Mt Marion, and MinRes’ reputation as a mining operator,” Ellison said.
“Together, we are committed to developing these Tier 1 operations to meet their full potential. This transaction will materially strengthen MinRes’ balance sheet, giving us the flexibility to pursue strategic growth opportunities across our portfolio and further enhance shareholder value.”
The deal builds on the companies’ existing partnership at Onslow Iron and is expected to be completed in the first half of 2026, subject to regulatory approvals.
Get 50 per cent off your Australian Mining annual magazine subscription during our Black Friday sale. Visit our subscription page and use the code: AMBF25. Ends on 27 November 2025.
Get 50 per cent off your Australian Mining annual magazine subscription during our Black Friday sale. Visit our subscription page and use the code: AMBF25. Ends on 27 November 2025.
