Overview
- A newly incorporated joint venture will hold Mineral Resources’ existing 50% stakes in the Wodgina and Mount Marion mines, valuing that interest at A$3.9 billion.
- POSCO’s purchase gives it an indirect 15% interest in each project, with offtake of spodumene concentrate proportional to its 30% JV stake.
- Mineral Resources will continue to operate the mines under current arrangements, with Albemarle partnered at Wodgina and Ganfeng Lithium at Mount Marion.
- Mineral Resources said it intends to use the proceeds to reduce debt and strengthen its balance sheet, and its shares jumped as much as 10.8% after the announcement.
- Reporting presents the transaction as a meaningful shift in regional lithium supply routes traditionally dominated by Chinese players.