POSCO Holdings has opened a Critical Minerals R&D Lab in Perth. It is the first Korean company to establish a resources research facility close to the source of raw materials.
The Australian Lab will serve as a hub for POSCO’s critical minerals research and development. The Lab will work on a range of projects, including:
- finding efficient ways to extract and blend lithium ores
- developing technologies to refine rare earths and safely manage radioactive residue
- using Australian ores to develop direct reduced iron (DRI) and hot briquetted iron (HBI)
- beneficiating low-grade iron ores to make low-carbon steel.
POSCO will look to partner with Australian resources companies and research institutions on these projects. It is also looking for investment opportunities in Australian critical minerals.
Western Australia is a major centre for resources extraction and processing. With vast renewable energy resources, the state is also a hub for large-scale green hydrogen and green steel projects.
‘The Australia Critical Minerals R&D Lab will combine Australia’s abundant resources with POSCO Group’s materials technology capabilities to add value to the Group’s core businesses,’ says POSCO Group Chairman In-hwa Chang. ‘The Lab will serve as a strategic hub for raw material processing technology and critical mineral acquisition.’
The opening of the Australia Critical Minerals R&D Lab was attended by POSCO’s Chairman, Australian resources companies including BHP, Hancock and Rio Tinto, research institutes and universities. Image courtesy of POSCO.
Investing in future technologies research
POSCO has been building critical minerals supply chains with Australia since the early 1980s. It helped develop the Roy Hill iron ore mine and operates a lithium hydroxide facility in a joint venture with PLS (formerly Pilbara Minerals).
In recent years, POSCO has expanded its operations beyond steelmaking to lithium-ion battery manufacturing, energy and infrastructure. As part of this diversification, the company has been investing in future technologies research to build capability and support growth.
Its POSCO N.E.X.T Hub includes research facilities dedicated to AI and robotics, energy materials, next-generation raw materials, green hydrogen and low-carbon steel. The Australia Critical Minerals R&D Lab is part of this global hub.
How Austrade helped
Austrade’s assistance and advice helped POSCO to progress the establishment of the Critical Minerals R&D Lab. Austrade has:
- supported POSCO researchers to travel to Australia in 2023
- introduced POSCO to green steel researchers at CSIRO
- connected POSCO to Hazer Group, an Australian company commercialising a low-emission hydrogen and graphite production process
- shared information on government policies and industry trends.
A dependable critical minerals partner
Australia is a safe, reliable critical minerals supplier and partner. The interactive version of the Australian Critical Minerals Prospectus was recently updated with new data on Australia’s investment-ready projects.
The Australian Government’s Critical Minerals Strategy 2023–2030 outlines Australia’s vision, objectives and focus areas. The strategy includes finance support for mining and processing projects, and investing in international partnerships.
Subscribe to the Investment Update newsletter
Find out about new investment opportunities, insights and investor success stories across Australia.
