HomeInvestment & Trading ›POSCO Holdings Invests $839 Mn in Lithium Biz in Argentina

POSCO Holdings Invests $839 Mn in Lithium Biz in Argentina

POSCO Holdings started construction of a plant to commercialize brine lithium in Argentina.

March 24, 2022. By News Bureau

POSCO Holdings started construction of a plant to commercialize brine lithium in Argentina. The POSCO Group is Argentina's first to produce lithium hydroxide for batteries through the entire process, from acquisition of mining rights to exploration to construction and operation of a production plant.

On the 23rd, at the groundbreaking ceremony in Salta Province, Argentina for the brine lithium plant based at Salar del Hombre Muerto (Salt Lake), located at an altitude of 4,000 meters.

Those in attendance included POSCO Group CEO, Jeong-woo Choi, POSCO Holdings Eco-friendly Future Materials Team Leader Byeong-og, Yoo, POSCO Argentina Head Kwang-bok Kim, Governor of Salta Province Gustavo Saenz , and Governor of Catamarca Province Raul Jalil, South Korean Ambassador to Argentina Myung- soo, Jang.

CEO Choi's participation in the groundbreaking ceremony is the first step globally since the inauguration of POSCO Group holding company on the 2nd and the first on-site visit to the lithium facility, one of the group's 7 core businesses.

The brine lithium plant is expected to be completed in the first half of 2024 with an annual production capacity of 25,000 tons of lithium hydroxide. The total investment is about 839 million dollars (about 1 trillion KRW), including infrastructure investment and working capital.

The construction and operation of the lithium plant and financing will be carried out by POSCO Argentina, a wholly-owned subsidiary of POSCO Holdings.

In addition to the lithium business, POSCO Group plans to increase the mass production to 50,000 tons from the end of 2024 through a second investment of 25,000 tons per year and expand the production to a maximum of 100,000 tons from the same lake by 2028.    

The 25,000 tons of lithium hydroxide that POSCO Group will produce annually with the start of operations are sufficient to supply about 600,000 electric vehicles. When production is expanded to a maximum of 100,000 tons, this volume can fulfill demand for about 2.4 million electric vehicles.  

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