Sign an MOU for strategic cooperation with Hancock, Australia
CEO Choi Jeong-woo of POSCO Group visited Australia on June 20 to check strategic investment assets in the eco-friendly future material business such as lithium and nickel, and to discuss business cooperation with raw material partner companies.
CEO Choi visited Western Australia and met Gina Rinehart, chairwoman of Hancock, an Australian resource development company, and signed an MOU for strategic cooperation.
Through this, the two companies agreed to expand the scope of cooperation in steel-related businesses such as iron ore mine development and steel raw material HBI production, and seek opportunities for cooperation in future business areas such as mine development and processing of secondary battery materials such as lithium and nickel.
CEO Choi said, “POSCO Group and Hancock have been working together since 2010, and have been expanding the partnership every year including the success of Roy Hill mine development project and recent joint acquisition of Senex Energy.”
He added, “If POSCO Group, which has value chains from developing secondary battery materials to the production of cathode and anode materials, and Hancock, which has excellent experience and capabilities in the mining industry, cooperate in the secondary battery material businesses such as lithium and nickel, it will be able to create great synergy.”
On June 21, Choi met with the chairman of First Quantum Minerals, a mine development and smelting company to request cooperation for the smooth operation of Ravensthorpe Nickel Operation which acquired a stake from First Quantum Minerals last year.
They discussed additional business cooperation opportunities. In addition, he met with the chairman of Pilbara Minerals, which is actively cooperating with lithium raw material development and production joint projects, and discussed expanding the supply of lithium concentrates and cooperating on new projects.