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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.”
