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expands battery raw material supply with stake in First Quantum’s Ravensthorpe nickel operation","posco-expands-battery-raw-material-supply-with-stake-in-first-quantums-ravensthorpe-nickel-operation","article/posco-expands-battery-raw-material-supply-with-stake-in-first-quantums-ravensthorpe-nickel-operation",{"_uid":556,"date":557,"tags":558,"editor":565,"content":575,"excerpt":662,"featured":50,"reporter":663,"_editable":667,"component":668,"seo_title":552,"categories":669,"visibility":675,"author_company":49,"featured_image":676,"seo_description":662,"author_full_name":49,"author_job_title":49,"formattedDate":681,"formattedArticleDate":682},"3b1f281a-ba8a-49ea-9ca9-e0be125bc673","2021-06-04 00:00",[559,562],{"slug":560,"name":561},"australia","Australia",{"slug":563,"name":564},"posco","Posco",[566],{"slug":567,"name":568,"content":569},"didi-bostock","Didi Bostock",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Editor - Energy Transition & Economics",{"filename":572},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":576,"content":577},"doc",[578,585,590,595,600,605,610,615,622,627,632,637,642,647,652,657],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582],{"text":583,"type":584},"South Korean anode and cathode major POSCO is set to take a 30% stake in First Quantum Minerals’ (FQM) Ravensthorpe Nickel Operation in Western Australia for $240 million. FQM will continue to operate the plant and retain 70% ownership of the operation.","text",{"type":579,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":584},"As part of the deal, which still requires approval by the Australian Foreign Investment Review, the two parties have agreed a 7,500 tpa offtake deal for mixed hydroxide precipitate (MHP) nickel.",{"type":579,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":584},"A memorandum of understanding was also established for the two companies to assess developing a partnership to produce battery cathode precursor using MHP from Ravensthorpe.",{"type":579,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":584},"FQM has ramped up production of MHP at Ravensthorpe in 2021 having brought production for the project back online in H1 2020 following its closure in 2017.",{"type":579,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":584},"MHP is an intermediate product of nickel metallurgy derived from laterite ores, which over recent years has risen to prominence as a potential source of nickel sulphate feedstock growth in battery cathode applications.",{"type":579,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":584},"Despite challenges in expanding this area of the supply chain, Benchmark’s Nickel Forecast shows that MHP intermediate supply from the Western Australian site is due to increase to approximately 30,000 tpa by 2022.",{"type":579,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":584},"This remains only a small fraction of the country’s total nickel capabilities. Benchmark’s Nickel Forecast data shows that in 2021 Australia will produce 5% of global refined nickel supply, the equivalent of approximately 155,000 tonnes, largely from two leading refiners – BHP’s Nickel West and Glencore’s Murrin Murrin – which produce metals, largely in the form of briquettes.",{"type":616,"attrs":617,"content":619},"heading",{"level":618,"textAlign":49},4,[620],{"text":621,"type":584},"Growing anode and cathode raw material requirements",{"type":579,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":584},"POSCO’s investment into FQM its latest foray into the upstream segments of the lithium ion battery supply chain. The company’s raw material demands are set to increase significantly to meet its ambitious plans to ramp up production of its cathode and anode materials to meet the growing demand of its tier 1 battery customers, which includes LG Energy Solution and General Motors.",{"type":579,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":584},"POSCO has placed vertical integration and a secure supply of raw materials at the core of its expansion strategy, with the Ravensthorpe investment the latest addition to its raw material arsenal.",{"type":579,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":584},"The company currently has 60,000 tpa of cathode production capacity and 43,700 tpa of anode capacity, but it also has an additional 26,000 tpa of cathode and 50,000 tpa of anode capacity in the pipeline, according to Benchmark’s Cathode and Anode Market Assessments.",{"type":579,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":584},"This additional capacity will be in Gwangyang, South Korea, which is where the company completed the construction of its high nickel NCM cathode plant in 2020.",{"type":579,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":584},"In April 2021, the company’s board approved the development of a lithium hydroxide facility, which will be built close to its existing and planned cathode production in Gwangyang.",{"type":579,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":584},"The company broke ground on the hydroxide project, which will have a nameplate capacity of 43,000 tpa, this May. The operation will process spodumene from Pilbara Minerals’ Pilgangoora project, which it has an existing offtake agreement in place with.",{"type":579,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":584},"The company has further lithium interests in Argentina where it is due to begin construction of a brine operation near the Salar del Hombre Muerto later this year, which will have a 25,000 tpa nameplate capacity.",{"type":579,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":584},"In January this year POSCO agreed a $7.5 million investment for a 15% stake in Black Rock Mining, which owns the Mahenge graphite project in Tanzania. The project is still under development and the companies are in the process of negotiating an offtake agreement and therefore is a longer-term supply prospect for POSCO’s anode business.","South Korean anode and cathode major POSCO is set to take a 30% stake in First Quantum Minerals’ (FQM) Ravensthorpe Nickel Operation in Western Australia for $240 million. FQM will continue to operate the plant and retain 70% ownership of the operation. As part of the deal, which still requires approval by the Australian Foreign […]",[664],{"slug":567,"name":568,"content":665},{"job_title":570,"image":666,"bio":573,"linkedin":574},{"filename":572},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3b1f281a-ba8a-49ea-9ca9-e0be125bc673\", \"id\": \"\"}-->","article",[670,673],{"slug":671,"name":672},"critical-minerals","Critical Minerals",{"slug":674,"name":150},"nickel","private",{"id":49,"alt":677,"name":677,"focus":677,"title":677,"source":677,"filename":678,"copyright":677,"fieldtype":679,"meta_data":680,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/546d3b17e9/bm-posco-flag.jpg","asset",{"alt":677,"title":677,"source":677,"copyright":677},"Jun 04, 2021","4th June 2021",[],[],1791304931257]