CALGARY, Nov. 08, 2023 (GLOBE NEWSWIRE) -- South Korean conglomerate POSCO Holdings and Invest Alberta formalized a partnership by signing a memorandum of understanding (MOU) to further the company’s ventures in Alberta.
As part of the agreement, POSCO Holdings is considering investing in the exploration, development, and commercialization of lithium in Alberta. POSCO Holdings will commence exploring prospects in a region that presents a significant opportunity in the global critical minerals competition.
Kyung Sub Lee, Executive Vice President of Battery Materials Business Team for POSCO Holdings, joined Invest Alberta CEO Rick Christiaanse at the Canadian Embassy in Seoul for the signing ceremony. The signing of the agreement comes after months of discussions regarding the vast investment opportunities in Alberta.
Invest Alberta appreciates the significant role POSCO Holdings can play in applying the company’s expansive expertise and experience to enhance the lithium production process, and commits to supporting the acquisition of mining rights, navigating the tax structure, and helping communicate the impact of POSCO Holding’s investment on Alberta’s objectives. The insights shared by the Invest Alberta team fostered confidence in the province’s ability to support POSCO Holdings’ ambitions in lithium production and beyond.
As the holding company of the POSCO Group, POSCO Holdings is engaging in the development and investment in its lithium business. With the demand for lithium growing alongside the demand for electric vehicles, POSCO Holdings can lead the way in exploring oil-field brine lithium with the support of Alberta’s existing industry, talent pool, and post-secondary institutions that are actively pursuing solutions to some of the challenges associated with extracting brine-hosted lithium.
As an established global leader in responsible development, Alberta has the existing infrastructure, market access, and regulatory efficiency to be a reliable, long-term partner to companies like POSCO Holdings.
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“Through our strategic collaboration with Invest Alberta, POSCO Holdings is not only advancing our commitment to securing lithium but also reinforcing our standing in the global secondary battery supply chain. Alberta’s rich natural resources coupled with innovative practices present an unmatched opportunity for growth and sustainability in our ventures.”
- Kyung Sub Lee, POSCO Holdings Executive Vice President
“Alberta holds vast lithium reserves because of its unique geology. According to my mandate, we hope to become a world leader in the production of battery grade lithium products to serve international markets. It is exciting to see a world-leading company like POSCO announce its intention to pursue lithium in Alberta.” - Brian Jean, Alberta Minister of Energy and Minerals
“Alberta’s strategic partnership with POSCO paves the way for substantial advancement in lithium production as demand for electric vehicles and lithium-ion batteries grows significantly. This agreement is a vote of confidence in Alberta’s ability to become a global leader in this area. As home to one of the world’s largest lithium deposits, we are filled with optimism about the potential this partnership has to elevate our resources sector to new heights, while aligning with POSCO’s strategic growth ambitions.” - Rick Christiaanse, Invest Alberta CEO
About Invest Alberta:
Invest Alberta engages the world and provides high-end tailored support to companies, investors, and major new projects. With team members strategically positioned in key markets around the world, Invest Alberta works to break down barriers so businesses can start up, scale up, and succeed without limits. Since 2020, Invest Alberta has supported the commitment of nearly $20 billion in investment that created more than 27,000 new high-value jobs for Albertans. For more information, please visit investalberta.ca.
About POSCO Holdings:
POSCO Group, which was launched in 1968 as a steel company, switched to a holding company system centered on POSCO Holdings in March 2022. Focusing on seven core initiatives — steel, rechargeable battery materials, lithium and nickel, hydrogen, energy, construction/infrastructure, and food (Agri-Bio) — the group is identifying and nurturing future growth drivers to diversify its business portfolio. Based on this, POSCO Group will grow into a leading supplier of eco-friendly future materials that ushers in a sustainable future. In order to proactively secure lithium, a key material for cathodes in secondary batteries, POSCO Holdings acquired the brine tenements in Argentina in 2018. The company is currently constructing commercial plants for brine lithium in two phases, with a total capacity of 50,000 tons per annum. Additionally, in 2018, POSCO Holdings agreed to establish a joint venture with Pilbara Minerals in Australia. Currently, it is constructing a commercialization plant in Korea for hard-rock lithium with a capacity of 43,000 tons per annum.
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