Mineral Resources Ltd. (MinRes) and South Korean steel manufacturer POSCO Holdings have executed the formal agreements for a major joint venture, marking a step in a deal that reshapes the ownership of two of Western Australia’s premier lithium assets.
Under the binding Investment and Shareholders Agreements, POSCO will acquire a 30 per cent stake in MinRes’ newly formed operational lithium business, LithCo. This entity holds MinRes’ existing 50 per cent interests in the world-class Wodgina and Mt Marion hard rock lithium mines.
The deal, first flagged in November 2025, values MinRes’ combined stake in the mines at approximately AU$3.9 billion, with POSCO providing an upfront cash consideration of roughly US$765 million (A$1.2 billion).
The partnership is designed to marry MinRes’ heavy-duty mining and operational expertise with POSCO’s world-leading downstream processing capabilities. For the global battery market, this represents a significant move toward stabilising the supply chain for EV materials.
MinRes Managing Director Chris Ellison said: “This partnership continues to represent a landmark investment by a major Korean company in Australian lithium, and we remain committed to ensuring that Wodgina and Mt Marion reach their full potential as two of the world’s best hard rock lithium assets.”
While the formal documents are signed, the transaction is now moving through the final regulatory hoops. Completion is expected in the first half of the 2027 financial year, allowing time for FIRB Approval, implementation of the new LithCo joint venture ownership and other international regulatory requirements.
Despite the 30 per cent sale, MinRes will remain the hands-on operator of both the Wodgina (Pilbara) and Mt Marion (Goldfields) mines. POSCO will receive spodumene concentrate in proportion to its 30 per cent interest.
POSCO President Ju-Tae Lee noted that the mutual trust between the two companies would contribute to a long-term partnership in the global lithium market, securing vital feedstock for Korea’s growing battery sector.
“This partnership is highly meaningful in that it combines Mineral Resources’ mining and operational capabilities with POSCO Holdings’ downstream processing expertise, contributing to the stabilisation of the global battery materials supply chain,” he said.
