POSCO has decided to acquire stakes in Australia's nickel mining and smelting company.
POSCO signed a deal on May 19 to buy a 30 percent stake in Australia's nickel mining and smelting company "Ravensthorpe Nickel Operation" for $240 million.
"Ravensthorpe" is a nickel-consistent production company with its own mines, smelting facilities, desalination, sulfuric acid manufacturing, and waste disposal. POSCO has also signed a contract with First Quantum Minerals to acquire a 30% stake in Ravensthorpe, as it is owned by Canadian company "First Quantum Minerals."
As a result, POSCO will have the right to receive 32,000 tons of nickel processed products produced by Ravensthorpe annually from 2024.
This is a supply that can be supplied to 180,000 electric vehicles, and POSCO will be able to secure additional nickel, a raw material needed for secondary battery material business, in a stable manner through this contract.
Nickel is a key ingredient of anode materials and plays an important role in increasing the charging capacity of secondary batteries to increase the mileage of electric vehicles. As the use of anode materials with high nickel content has recently expanded, the importance of securing nickel is increasing.
POSCO also plans to seek additional business opportunities related to secondary battery materials by signing a separate MOU with First Quantum Minerals to expand cooperation with nickel sulfate and precursor businesses for batteries.
Through this acquisition, POSCO is expected to strengthen its status as the world's only batch supplier that can supply materials such as lithium, nickel, and graphite, which are key materials for batteries for electric vehicles, as well as polar and cathode materials.
POSCO plans to supply 220,000 tons of lithium and 100,000 tons of nickel by 2030 to establish a production system for 400,000 tons of anode and 260,000 tons of cathode materials by 2030. POSCO plans to achieve 20% of global market share and annual sales of $20 billion in secondary battery materials.
