Lithium producer, Pilbara Minerals (ASX:PLS) has finalised and executed a binding terms sheet with POSCO to form an incorporated JV in South Korea to develop and operate alithium hydroxide and carbonate chemical conversion facility.
The landmark agreement paves the way to give Pilbara Minerals a key strategic position in the South Korean lithium raw materials market.
The new Conversion Facility will be expanded from 30ktpa to 40ktpa lithium carbonate equivalent (LCE) and supported by POSCO’s leading purification technology “PosLX”, together with the existing spodumene concentrate offtake agreement from Pilgangoora.
Pilbara Minerals will initially hold a 21 per cent interest in the JV, with an option to increase to 30 per cent.
Shares in Pilbara Minerals (ASX:PLS) closed -6.49 per cent lower at $0.36 yesterday.