Mineral Resources Ltd (ASX:MIN) has agreed key terms with South Korea’s POSCO Holdings to sell a 30% stake in a new incorporated joint venture that will own MinRes’ existing 50% interests in the Wodgina and Mt Marion lithium mines. POSCO will pay US$765 million (about A$1.2 billion at 0.65 AUD:USD), implying a valuation of roughly A$3.9 billion for MinRes’ 50% stake in the two Tier-1 hard-rock assets. MinRes will retain 70% of the new vehicle and remain operator of both mines under existing arrangements with Albemarle (Wodgina) and Jiangxi Ganfeng Lithium (Mt Marion).
Completion is targeted for the first half of calendar 2026, subject to long-form documentation and customary approvals, including the Foreign Investment Review Board and any required merger clearances. Proceeds are earmarked to repay external debt and strengthen the balance sheet ahead of the company’s next growth phase.
Offtake will mirror equity
POSCO will receive 30% of spodumene concentrate, supporting its downstream conversion program, while MinRes retains 70%.
The partners said the structure preserves MinRes’ operational control and capital-recycling strategy while securing POSCO a long-term, cost-competitive raw material stream to feed new conversion capacity targeted at Korean and Western battery markets.
Chair Malcolm Bundey called the deal “a milestone” for Australia’s lithium sector and evidence of global demand for Tier-1 hard-rock supply.
Managing director Chris Ellison said the investment recognises the long-term value of Wodgina and Mt Marion and will “materially strengthen” MinRes’ balance sheet, providing flexibility to pursue portfolio growth.
POSCO CEO In Hwa Chang described energy materials as a core growth driver alongside steel and said the assets were capable of sustaining the group’s business “for decades to come.”
Stronger ties
The partnership builds on the companies’ relationship at the Onslow Iron project, which MinRes said has ramped to nameplate capacity, showcasing its operating capability.
Strategically, MinRes frames the transaction as advancing its model of partnering with global majors to unlock value, maintain meaningful lithium exposure and reinforce its role in the battery-materials supply chain.
The rationale for the JV: disciplined capital recycling, long-term partnership benefits and endorsement of asset quality.
A conference call is scheduled for 8:15am AWST on November 12, 2025.
To register, use this link: https://meetings.lumiconnect.com/300-648-431-231