Daily Newsletter

09 November 2023

Daily Newsletter

09 November 2023

South Korea’s Posco to explore lithium in Alberta

Posco aims to explore prospects for critical minerals and extract lithium from oilfield brines in Alberta.

Surya Akella November 09 2023

South Korean conglomerate POSCO has entered an MoU with Invest Alberta to invest in lithium assets across the Canadian province of Alberta.

This agreement is said to have been signed following months of talks on the province's investment prospects.

Invest Alberta aims to tap the South Korean company’s expertise to boost the lithium production process.

Posco looks to invest in the exploration, development and commercialisation of lithium in Alberta. It will start by exploring prospects that have a significant opportunity for critical minerals.

It also plans to extract lithium from oilfield brine with support from Alberta’s existing industry, which is working on solutions to address the challenges tied to brine-hosted lithium extraction.

For its part, Invest Alberta has committed to support Posco in the acquisition of mining rights and navigating the tax structure.

Invest Alberta will communicate the impact of the South Korean company’s investment on the province’s goals.

Posco Holdings battery materials business team executive vice-president Kyung Sub Lee said: “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.”

Invest Alberta CEO Rick Christiaanse said: “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.”

Neodymium is one of the fastest-growing product categories within the rare earth metals market

Within the rare earth metals market, cerium is projected to account for the largest volumetric share followed by lanthanum, neodymium, and others in 2023. The demand dynamics for neodymium is estimated to remain strong as the sales of electric vehicles continue to flourish across the globe. The product is deployed in the manufacturing of magnets including low and high performance and is an integral part of the modern-day technology assembly from automotive vehicles to fighter jets.

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