Pilbara Minerals finalises terms sheet with POSCO for South Korean JV

Company News

by Rachael Jones

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. 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.