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Posco acquires full ownership of lithium mining company in Argentina

Published: 09 Apr. 2026, 12:30 Updated: 09 Apr. 2026, 13:40

The logo of Posco [SCREEN CAPTURE]

Korean steelmaker Posco Group said on Thursday it has acquired full ownership of a lithium mining firm in Argentina as part of efforts to strengthen its rechargeable battery materials business.

The company purchased a 100 percent stake in the local subsidiary of Lithium South Development, which holds mining rights to the Hombre Muerto North (HMM) salt lake, for 95 billion won ($65 million), according to its press release.

With the addition of the HMM project, which is estimated to contain 1.58 million tons of lithium, Posco has secured a total of 15 million tons of lithium resources in Argentina, the release said.

Of the total, the company expects to extract at least 3 million tons, enough to support the production of approximately 70 million EVs.

“Based on the additional lithium resources secured, the company will enhance its ability to respond to global market changes and strengthen the competitiveness of its supply chain,” a Posco representative said.

In November 2025, Posco announced plans to invest a combined 1.1 trillion won to secure lithium resources in Argentina and Australia as it seeks to develop its energy materials business into a key growth driver, alongside its core steel operations.

Yonhap