CALGARY, Nov. 08, 2023 (GLOBE NEWSWIRE) -- South Korean conglomerate POSCO Holdings and Invest Alberta formalized a partnership by signing a memorandum of understanding (MOU) to further the company’s ventures in Alberta.
As part of the agreement, POSCO Holdings is considering investing in the exploration, development, and commercialization of lithium in Alberta. POSCO Holdings will commence exploring prospects in a region that presents a significant opportunity in the global critical minerals competition.
Kyung Sub Lee, Executive Vice President of Battery Materials Business Team for POSCO Holdings, joined Invest Alberta CEO Rick Christiaanse at the Canadian Embassy in Seoul for the signing ceremony. The signing of the agreement comes after months of discussions regarding the vast investment opportunities in Alberta.
Invest Alberta appreciates the significant role POSCO Holdings can play in applying the company’s expansive expertise and experience to enhance the lithium production process, and commits to supporting the acquisition of mining rights, navigating the tax structure, and helping communicate the impact of POSCO Holding’s investment on Alberta’s objectives. The insights shared by the Invest Alberta team fostered confidence in the province’s ability to support POSCO Holdings’ ambitions in lithium production and beyond.
As the holding company of the POSCO Group, POSCO Holdings is engaging in the development and investment in its lithium business. With the demand for lithium growing alongside the demand for electric vehicles, POSCO Holdings can lead the way in exploring oil-field brine lithium with the support of Alberta’s existing industry, talent pool, and post-secondary institutions that are actively pursuing solutions to some of the challenges associated with extracting brine-hosted lithium.
https://www.globenewswire.com/news-release/2023/11/08/2776176/0/en/Invest-Alberta-signs-MOU-with-Korean-Giant-POSCO-Holdings-in-Support-of-Lithium-Venture.html
Maybe when they're done with Alberta, they'll consider moving east to Saskatchewan.
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