The JV between PilbaraMinerals and POSCO have secured $460million in debt funding for downstream lithium processing in Korea batterymetals batteryminerals resources investment funding finance
PERTH – Lithium miner Pilbara Minerals on Monday reported that its joint venture with Korean major POSCO, POSCO Pilbara Lithium Solution Co, had executed a $460-million debt facility with Korean government-owned banks.
“Building on our strong relationship with POSCO, we are delighted to be jointly establishing a strong foothold in South Korea’s emerging battery materials industry at the doorstep of established major battery manufacturers.” The debt facility represents the remaining 60% of the forecast funding required for the development of the chemical facility, with JV parties having previously funded their equity share. The debt facility is non-recourse to Pilbara Minerals, with the security provided by the POSCO Pilbara JV company and limited to the land, building, plant and equipment of the chemical facility.
Spodumene production in the half-year increased by 83% on the first half of the 2022 financial year, to 309 255 t, while shipments were up by 68% to 286 876 t of spodumene concentrate.
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