Crusher at the Wodgina lithium mine in Western Australia.
MinRes will continue to operate the mines under existing agreements with its partners. POSCO will receive spodumene concentrate in proportion to its stake, supporting its plans for new downstream lithium processing facilities. Mineral Resources noted that the partnership builds on their existing Onslow Iron joint venture and aims to meet growing demand for Australian lithium.
The Wodgina and Mt Marion mines are among the most significant lithium operations in Western Australia. Wodgina, one of the world’s largest hard-rock lithium deposits, is operated with U.S.-based Albemarle, while China’s Ganfeng Lithium partners with MinRes on Mt Marion.
The transaction has been approved by both companies’ boards and is pending regulatory clearance, including from Australia’s Foreign Investment Review Board.
This deal allows POSCO to secure additional lithium supply to support its expanding battery and processing business, while MinRes strengthens its strategic partnerships in the lithium sector. The transaction aligns with rising global demand for lithium, driven by electric vehicle production and energy storage growth.
By creating the joint venture, MinRes ensures continued operational control while enabling POSCO to participate in one of Australia’s key lithium resources. The partnership is expected to enhance production efficiency and provide a reliable supply of spodumene concentrate for POSCO’s downstream projects.
The Wodgina and Mt Marion mines collectively represent significant contributions to global lithium supply. Wodgina is a major hard-rock deposit with a strong production track record, and Mt Marion is a key source of spodumene concentrate, supplying international battery and chemical markets.
MinRes emphasized that the JV structure allows both companies to leverage their expertise: MinRes in mine operation and POSCO in processing and industrial applications. The collaboration is also expected to support broader market stability in lithium supply chains, as global consumption continues to grow.
The completion of the deal is subject to standard regulatory approvals and is seen as a strategic move to secure investment in Australia’s lithium sector while supporting POSCO’s long-term supply needs. The transaction reinforces the importance of partnerships between mining operators and downstream processors to meet the rapidly increasing global demand for battery materials.
Overall, the JV represents a mutually beneficial arrangement: MinRes maintains operational control and access to capital, while POSCO strengthens its supply of high-quality lithium for industrial and battery applications. The partnership highlights the continued investment and collaboration shaping Australia’s lithium industry.
