Mineral Resources (MinRes) and POSCO Holdings have signed a binding agreement to form a lithium joint venture (JV) partnership.
Under the deal, POSCO Holdings is set to acquire a 30% stake in MinRes’ operational lithium business.
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This agreement will see the newly formed incorporated JV hold MinRes’ existing 50% ownership of the Wodgina and Mt Marion lithium mines.
POSCO Holdings will pay an upfront cash consideration of $765m (Won1.12tn) for its 30% interest in the JV, equivalent to an indirect 15% interest in each of the Wodgina and Mt Marion mines.
MinRes will hold a 70% stake in the new entity, representing a 35% underlying interest in each mine.
The transaction values MinRes’ existing 50% interest in both Wodgina and Mt Marion at approximately $3.9bn.
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By GlobalDataMinRes will continue to operate both mines under existing agreements with its JV partners, Albemarle at Wodgina and Jiangxi Ganfeng Lithium at Mt Marion.
The operating entities of MinRes will remain outside the new incorporated JV and will not be part of this transaction.
As part of its investment, POSCO Holdings will receive spodumene concentrate proportional to its 30% interest.
POSCO Holdings CEO In Hwa Chang said: “We are committed to securing a stable, cost-competitive supply of raw materials to enhance our long-term competitiveness. We value strong, dependable partnerships, and Mineral Resources has consistently demonstrated the operational excellence and long-term vision we seek. Wodgina and Mt Marion are high-quality assets with proven scale, capable of sustaining our business for decades to come.
“Through this partnership, we will combine POSCO’s downstream expertise with MinRes’ mining capability to drive the sustainable growth of the energy materials industry and contribute to the global transition toward eco-friendly mobility.”
The collaboration aims to further strengthen the position of Wodgina and Mt Marion in meeting the rising demand for Australian lithium.
Both assets are recognised as Tier 1 operations with substantial potential for expansion.
The collaboration also builds on the existing relationship between MinRes and POSCO, established via the Onslow Iron JV.
The binding deal is subject to the execution of long-form documents and customary conditions precedent, including regulatory approvals from bodies such as the Foreign Investment Review Board and any required merger clearances.
MinRes anticipates that the transaction will close in the first half of 2026.
Upon receiving the proceeds, the company plans to repay external debt, strengthen its balance sheet and support the company’s next phase of growth.
MinRes managing director Chris Ellison said: “POSCO Holdings’ investment is a testament to the long-term value of Wodgina and Mt Marion, and MinRes’ reputation as a mining operator. Together, we are committed to developing these Tier 1 operations to meet their full potential as two of the world’s best hard rock lithium assets.
“This transaction will materially strengthen MinRes’ balance sheet, giving us the financial flexibility to pursue strategic growth opportunities across our portfolio that leverage our unique development and operational capability, and further enhance shareholder value.”
In August 2025, Livium established a 50:50 JV with MinRes, focusing on the commercialisation of LieNA lithium processing technology.
