Posco Takes $765 Million Stake in MinRes Lithium Venture

South Korea’s Posco Holdings Inc. will buy a 30% stake in Mineral Resources Ltd.’s lithium business, giving it partial ownership of two mines in Western Australia and access to the key metal used in electric vehicle batteries.

The deal, worth A$1.2 billion ($765 million), will see Posco and MinRes form a joint venture, MinRes said in a statement on Wednesday. Posco will also receive lithium concentrate from the two mines equal to its interest.