South Korea’s Posco Holdings Inc. has signed a binding agreement to acquire a 30% stake in Mineral Resources Ltd. (MinRes)’ operational lithium business for US$765 million, marking a major cross-border partnership that deepens South Korea’s foothold in Australia’s booming lithium sector.
Under the terms of the deal, the two companies will form a new incorporated joint venture that will hold MinRes’ existing 50% ownership of the Wodgina and Mt Marion lithium mines — two of Australia’s most productive hard rock lithium assets. The transaction values MinRes’ 50% interest in the projects at approximately US$3.9 billion, according to a company statement published Wednesday.
Once finalized, Posco will hold an indirect 15% stake in each of the Wodgina and Mt Marion mines, while MinRes will retain a 70% share in the joint venture. MinRes will continue as the operator of both mines under existing arrangements with its partners, Albemarle Corporation at Wodgina and Jiangxi Ganfeng Lithium at Mt Marion.
As part of the investment, Posco will receive spodumene concentrate in proportion to its 30% stake, supporting its broader strategy to build downstream lithium processing capacity for electric vehicle (EV) battery materials in Korea and other related markets.
“This partnership signals the growing global demand for Tier 1 hard rock lithium assets and the confidence international partners have in Australia’s ability to meet that demand,” said MinRes Chair Malcolm Bundey in a company statement published Wednesday.
The deal remains subject to regulatory approvals, including review by the Foreign Investment Review Board and potential merger clearances. Completion is expected in the first half of 2026.