The investment will allow POSCO to produce 270,000 tons of lithium concentrate annually from the Vodgina and Mount Marion mines operated by Mineral Resources in Western Australia.
The South Korean company also announced the acquisition of a stake in the Argentine enterprise of the Canadian Lithium South Development company, which owns the rights to extract lithium in the Ombre Muerto salt lake, for 95 billion won.
POSCO, previously known exclusively as Korea's leading steel producer, is emerging as a major player in the global battery materials market.
