Seoul, Nov. 12 -- POSCO Holdings has announced plans to invest 1.2 trillion won (USD 887 million) to strengthen its position in the global lithium supply chain by securing high-grade lithium assets in Australia and Argentina, as per a report by Pulse, the English service of Maeil Business News Korea.

The South Korean steelmaker said it will acquire a 30 per cent stake in a new holding company to be formed by Mineral Resources, one of Australia's leading mining firms, for USD 765 million. The investment will give POSCO access to a stable supply of 270,000 tons of lithium concentrate annually from Mineral Resources' Wodgina and Mt. Marion mines in Western Australia. This amount can produce about 37,000 tons of lithium hydroxide, enough to ...