POSCO MinRes Lithium Deal Signals Shift From China

Mineral Resources (MinRes) struck a $1.2b deal with South Korea's POSCO for a 30% stake in a new JV holding MinRes' 50% interests in Wodgina and Mount Marion. The JV is valued at $3.9b, materially higher than the ~$2.7b many analysts ascribed, sending MinRes up 9% to above $50. MinRes keeps 70% of the JV and operatorship; POSCO gets proportional spodumene offtake to feed its downstream hydroxide ambitions. Pending FIRB approval, the transaction is slated to close in1H26. Proceeds help address MinRes' ~$5.4b debt load and may revive expansion plans at both assets.

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