Posco moves forward with acquisition of Argentine lithium mine

Core Viewpoint - Posco Group is advancing its acquisition of a significant lithium mine in Argentina, enhancing its position in the battery materials market through strategic investments [1][2]. Group 1: Acquisition Details - Posco Group is acquiring a major lithium mine located in Argentina's Hombre Muerto salt lake, owned by Lithium South Development Corporation [1]. - The acquisition involves the purchase of NRG Metals Argentina SA, a wholly-owned subsidiary of Lithium South, for US$ 65 million, which holds the mining rights to the Hombre Muerto North Lithium Project [3]. Group 2: Investment and Supply Agreements - Posco has committed to investing US$ 765 million for a 30% stake in a joint venture with Mineral Resources Ltd, ensuring an annual supply of 270,000 tons of lithium concentrate [1]. - The investment has been fully approved by Posco's head office in South Korea, and funds have been allocated to Posco Argentina to finalize the transaction [2].