South Korea’s POSCO Holdings is investing US$765 million to acquire lithium supplies from Australia for its growing battery materials division.

POSCO will acquire a 30% interest in a new sub-holding company that will contain Australian mining firm Mineral Resources’ (MinRes) operational lithium business, which includes its 50% shares in the Wodgina and Mt Marion lithium mines.

This deal grants POSCO access to 270,000 tons of lithium concentrate yearly from the two mines, which is convertible into 37,000 tons of lithium hydroxide, sufficient to power approximately 900,000 electric vehicles.

MinRes will retain a 70% share and continue operating the mines. The transaction is expected to close in the first half of 2026.