Posco plans $4B Argentina lithium project, government says (NYSE:PKX)

Posco plans $4B Argentina lithium project, government says (NYSE:PKX)

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South Korean steelmaker Posco (NYSE:PKX) will spend ~$4B on a new lithium mining project in Argentina at the Salar de Hombre Muerto salt flat, as it seeks to take advantage of strong demand for the key battery metal, Reuters reports.

Posco expects to initially produce 25K metric tons/year of lithium hydroxide, an especially high-demand lithium product for battery makers, and reach 100K tons/year once the venture is completed.

Export value from the project is seen totaling $260M annually over the next 30 years, President Alberto Fernandez’s office said in a statement.

Posco had been expected to spend $830M on the Argentine venture, but changes in the original project reportedly prompted it to raise the amount.

With Australia banning alumina exports to Russia and Europe considering prohibiting Russian steel, steel companies generally posted strong gains in Monday’s trading.

Originally Posted on: https://seekingalpha.com/news/3815812-posco-plans-4b-argentina-lithium-project-government-says?source=feed_tag_commodities

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