South Korea steel giant Posco eyes off WA critical minerals sector through Pilbara Minerals venture

South Korea’s biggest steel manufacturer is eyeing off WA’s critical minerals to shore up its supply chain and make batteries needed to power the global transition to electric vehicles.

Speaking at an Australia-Korea Business Council forum in Sydney on Wednesday, steel giant Posco and Pilbara Minerals outlined a “slam dunk” lithium joint venture deal struck between the pair late last year will help supply within the battery market, which is partly clogged due to China’s persistent COVID-19 lockdown strategy.

Posco wants to use the supply agreement as a springboard towards its transformation into the third-largest cathode and anode battery supplier in the world.

Pilbara chief executive Dale Henderson said overseas investors were eyeing off WA minerals as part of the push to decarbonise the global economy.

Mr Henderson said the strategic position of battery hubs of China, Japan and South Korea were attractive, while also playing up Australia’s geopolitical stability.

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