Gold Prices Rise as Oil Slump Eases Fed Rate Hike Fears 
Yen in Focus as BOJ, Fed Rate Hikes Reshape Currency Markets 
US Northeast Airports Resume Operations After Telecom Outage Disrupts Thousands of Flights 
S&P 500 Historically Rallies After Midterm Elections, UBS Says 
Oil Prices Rise as Houthi Strikes on Riyadh Fuel Middle East Tensions 
South Korea to Brief Lawmakers on $350 Billion US Investment Package 
US, Japan and South Korea Back Taiwan Ahead of Trump-Xi Summit 
fnny Beta Launches With a Simple Idea: Find an Event, Show Up, Get Rewarded 
Asia Stocks Rise on AI Demand as Oil Eases 
Yen Weakens as Dollar Gains on Widening US-Japan Rate Gap 
OpenAI Urges US-Led Global Standards for Frontier AI 
Trump Bans CNN, MS NOW and Politico From White House 
SpaceX Nasdaq 100 Weight to More Than Double in Rebalance 
Japan, U.S. Discuss $19 Billion GlobalFoundries Chip Plant 
RBA Says ASX Still Falls Short on Governance and Risk Controls 
Paramount-Warner Bros $110 Billion Deal Draws Antitrust Backlash 
Supertanker Orders Surge as US-Iran War Reshapes Oil Trade 
Add as a preferred source on Google
Posco, South Korea’s largest steelmaker and the world’s fifth-largest in terms of output, signed a deal with Austalia’s Ravensthorpe Nickel Operation in Western Australia. It was said that the company acquired a 30% stake in the nickel mining firm for $240 million.
Posco and First Quantum’s agreement
As per The Korea Herald, the announcement came on Thursday, May 20 and it was said that the purchase was one of Posco’s moves in an effort to boost its electric battery venture.
Ravensthorpe Nickel Operation is owned by First Quantum Minerals Ltd., a Canadian mining company, and under the deal, it will be supplying the Korean steelmaker with 7,500 tons of nickel mixed with hydroxide precipitate (MHP) every year starting in 2024.
Ravensthorpe will be producing this material in its plant in Australia and it was said that this amount is enough to make batteries for about 180,000 electric vehicles per year. First Quantum Minerals shared that its deal with Posco is expected to close and be completed some time within the third quarter of this year.
Long-term agreement and possible business relationship expansion
The Korean steel giant has been expanding its business and now boosting its EV venture as demand for battery supply for electrified vehicles is growing and this trend will continue since automakers are now shifting to EVs and ditching gas-powered cars.
Meanwhile, First Quantum is excited to do business with Posco and said that it is looking forward to a long-term relationship as both sides strive to boost their own businesses. The companies may also embark on other ventures in the future and would evaluate a strategic partnership.
“We are pleased to welcome POSCO as our new long-term strategic partner in Ravensthorpe,” First Quantum Mineral’s chairman and CEO, Philip Pascall, said in a press release. “Our respective organizations have complementary skill sets which will allow us to maximize the strategic value of Ravensthorpe as a key long-term supplier of nickel to the EV battery sector."
He added, "We look forward to working closely with POSCO at Ravensthorpe and exploring options to broaden our relationship.”
