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Korea",{"slug":576,"name":577},"spodumene","Spodumene",[579],{"slug":580,"name":581,"content":582},"matthew-bird","Matthew Bird",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Senior Editor - Supply Chains & Data Visualisation",{"filename":585},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":589,"content":590},"doc",[591,614,627,632,644,649,662,670,677,696,707,712,717,722,735,743,748,753],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595,598,606,612],{"text":596,"type":597},"South Korean steel and chemicals giant POSCO has taken a 30% stake in ","text",{"text":599,"type":597,"marks":600},"Australia’s",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/us-and-australia-sign-landmark-critical-minerals-framework","url",{"text":607,"type":597,"marks":608},"Mineral Resources’ (MinRes)",[609],{"type":602,"attrs":610},{"href":611,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/video/watch/fireside-chat-with-joshua-thurlow-chief-executive-lithium-mineral-resources",{"text":613,"type":597}," 50% stakes in the Mt Marion and Wodgina mines for US$765 million.",{"type":592,"attrs":615,"content":616},{"textAlign":49},[617,619,625],{"text":618,"type":597},"Structured as a joint venture, the deal would see MinRes and POSCO hold an overall 35% and 15% of the operations, as well as corresponding rights to spodumene volumes. US lithium major ",{"text":620,"type":597,"marks":621},"Albemarle",[622],{"type":602,"attrs":623},{"href":624,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/albemarle-withdraws-liontown-bid-after-australian-billionaire-increases-stake",{"text":626,"type":597}," at Wodgina and China’s Ganfeng at Mt Marion continue to hold the remaining 50% stakes. MinRes will retain its Mining Services contracts at both sites.",{"type":592,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":597},"Benchmark estimates that the deal gives POSCO access to ~145kt spodumene concentrate (6% Li2O, ~21ktpa LCE), for the next few years. Given the two mines operate well below nameplate capacity, this figure will likely rise in a more favourable market.",{"type":633,"attrs":634},"blok",{"id":635,"body":636},"6837fcd8-c74b-4751-b1f4-c67a260966b6",[637],{"id":638,"_uid":639,"type":640,"_editable":641,"component":642,"fixed_height":643,"use_fixed_height":50,"fixed_height_mobile":643,"fixed_height_tablet":643},"26188938","i-b82323da-696f-44ee-9b82-a009a8968055","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b82323da-696f-44ee-9b82-a009a8968055\", \"id\": \"\"}-->","ContentFlourish","",{"type":592,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":597},"The deal notably does not include MinRes’ Bald Hill asset, placed on Care & Maintenance in late 2024. The deal does not involve Bald Hill, which MinRes continues to own outright.",{"type":592,"attrs":650,"content":651},{"textAlign":49},[652,654,660],{"text":653,"type":597},"This marks the first foray of a South Korean company into direct ownership of Australian lithium assets, though LG Energy Solution is a strategic offtake partner to ",{"text":655,"type":597,"marks":656},"Liontown Resources at Kathleen Valley",[657],{"type":602,"attrs":658},{"href":659,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/australian-government-supports-liontown-equity-raise-alongside-chinese-funders",{"text":661,"type":597},".",{"type":633,"attrs":663},{"id":664,"body":665},"4289d471-85b3-444b-a815-9e8280af7139",[666],{"id":667,"_uid":668,"type":640,"_editable":669,"component":642,"fixed_height":643,"use_fixed_height":50,"fixed_height_mobile":643,"fixed_height_tablet":643},"26188014","i-662744c7-35ae-42b2-8ea2-d6f1e439d45f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-662744c7-35ae-42b2-8ea2-d6f1e439d45f\", \"id\": \"\"}-->",{"type":671,"attrs":672,"content":674},"heading",{"level":673,"textAlign":49},4,[675],{"text":676,"type":597},"How does this fit into POSCO’s lithium portfolio?",{"type":592,"attrs":678,"content":679},{"textAlign":49},[680,686,688,694],{"text":681,"type":597,"marks":682},"POSCO, in a JV partnership with Australian lithium producer PLS",[683],{"type":602,"attrs":684},{"href":685,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/sk-on-secures-domestic-lithium-hydroxide-from-posco-pilbara-jv",{"text":687,"type":597},", also operates a spodumene-to-hydroxide converter in Gwangyang, South Korea (P-PLS), with nameplate capacity of 38kt LCE of ",{"text":689,"type":597,"marks":690},"lithium hydroxide",[691],{"type":602,"attrs":692},{"href":693,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/south-korea-cementing-position-as-a-top-ex-china-lithium-hydroxide-producer",{"text":695,"type":597},". Benchmark forecasts an output of ~15kt LCE in 2025 as the facility ramps up and customers certify the product.",{"type":592,"attrs":697,"content":698},{"textAlign":49},[699,705],{"text":700,"type":597,"marks":701},"PLS’",[702],{"type":602,"attrs":703},{"href":704,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/pilbara-minerals-diversifies-lithium-portfolio-with-latin-resources-acquisition",{"text":706,"type":597}," Q3 2025 update hinted at subdued 2026 production from the converter. Perhaps in response, the spodumene offtake agreement for PLS’ Pilgangoora material was amended from 250ktpa of concentrate to 150ktpa.",{"type":592,"attrs":708,"content":709},{"textAlign":49},[710],{"text":711,"type":597},"With the MinRes-POSCO JV set to finalise by summer 2026, this would leave POSCO with total feedstock of around 30kt LCE in 2026, and around 43kt LCE from 2027 onwards, covering P-PLS’ short- and medium-term feedstock needs.",{"type":592,"attrs":713,"content":714},{"textAlign":49},[715],{"text":716,"type":597},"POSCO also operates three cathode active material (CAM) production facilities in South Korea and China, and is planning further expansions there, as well as Canada. POSCO is expected to see attributable demand of 32kt LCE from these plants in 2025, potentially rising to 47kt LCE by the end of the decade.",{"type":671,"attrs":718,"content":719},{"level":673,"textAlign":49},[720],{"text":721,"type":597},"How does the JV with POSCO benefit MinRes?",{"type":592,"attrs":723,"content":724},{"textAlign":49},[725,727,733],{"text":726,"type":597},"MinRes had been struggling with its lithium assets over the past two years since ",{"text":728,"type":597,"marks":729},"lithium prices crashed",[730],{"type":602,"attrs":731},{"href":732,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/australian-lithium-supply-cut-by-15-due-to-low-spodumene-prices",{"text":734,"type":597}," from their 2022/2023 highs by early 2024. Mt Marion and Wodgina have occupied upper-end third-quartile cost curve positions over the past two years, and have been largely cash-negative.",{"type":633,"attrs":736},{"id":737,"body":738},"3641df9c-89e3-4266-9f59-481435d0f4f0",[739],{"id":740,"_uid":741,"type":640,"_editable":742,"component":642,"fixed_height":643,"use_fixed_height":50,"fixed_height_mobile":643,"fixed_height_tablet":643},"26236223","i-2d58e28d-fa16-48b5-b557-3eb1d052a937","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2d58e28d-fa16-48b5-b557-3eb1d052a937\", \"id\": \"\"}-->",{"type":592,"attrs":744,"content":745},{"textAlign":49},[746],{"text":747,"type":597},"Fundamental issues at the two mines have prevented cost-cutting measures from generating positive cash flows for the business during the downturn. Rumours around a partial or total shedding of lithium assets have circulated for a while.",{"type":592,"attrs":749,"content":750},{"textAlign":49},[751],{"text":752,"type":597},"With the arrival of POSCO, as well as higher lithium prices, pressure is off MinRes from both a debt and cash flow standpoint. CAPEX-heavy programs include a flotation plant and transition to underground operations at Mt Marion.",{"type":592,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":597},"MinRes already had strong life-of-mine mining services contracts at the two sites. These are set to become more lucrative for the company, with 65% of the costs now borne by its JV partners versus 50% previously – an improvement Benchmark estimates could correspond to savings of around $15/t SC6 across its future share of production. ","South Korean steel and chemicals giant POSCO has taken a 30% stake in Australia’s Mineral Resources’ (MinRes) 50% stakes in the Mt Marion and Wodgina mines for US$765 million. Structured as a joint venture, the deal would see MinRes and POSCO hold an overall 35% and 15% of the operations, as well as corresponding rights […]",[760],{"slug":580,"name":581,"content":761},{"job_title":583,"image":762,"bio":586,"linkedin":587},{"filename":585},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3dd47998-05c8-4414-993f-1f8d2b9db5e9\", \"id\": \"\"}-->","article",[766,769],{"slug":767,"name":768},"critical-minerals","Critical Minerals",{"slug":770,"name":8},"lithium","private",{"id":49,"alt":643,"name":643,"focus":643,"title":643,"source":643,"filename":773,"copyright":643,"fieldtype":774,"meta_data":775,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1763141319/www-production/Copy-of-Cost-curve@2x/Copy-of-Cost-curve@2x.png?_i=AA","asset",{"alt":643,"title":643,"source":643,"copyright":643},{"id":49,"alt":643,"name":643,"focus":643,"title":643,"source":643,"filename":777,"copyright":643,"fieldtype":774,"meta_data":778,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d2f4114a44/bm-mineral-resources.jpg",{"alt":643,"title":643,"source":643,"copyright":643},"Nov 14, 2025","14th November 2025",[],[],1792773881186]