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Posco, Western Australia to boost ties on hydrogen, batteries

By Shim Woo-hyun

Published : Jan. 31, 2023 - 16:35

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Posco Group Chairman Choi Jeong-woo (fourth from right) and Western Australia Premier Mark McGowan (center left) talk during a group meeting held at Posco Center in Gangnam-gu, Seoul, Monday. (Posco Group) Posco Group Chairman Choi Jeong-woo (fourth from right) and Western Australia Premier Mark McGowan (center left) talk during a group meeting held at Posco Center in Gangnam-gu, Seoul, Monday. (Posco Group)

Posco Group Chairman Choi Jeong-woo met with Western Australia Premier Mark McGowan on Monday to discuss their cooperation on hydrogen and secondary battery materials businesses, the company said Tuesday.

Posco “needs an intimate collaboration with Australia on hydrogen and secondary battery materials sectors,” Choi said during his meeting with McGowan at Posco Center in Gangnam-gu, Seoul.

During the meeting, Choi and McGowan shared their development status and business strategies regarding hydrogen, green steel and secondary battery materials.

McGowan said Australia can become a great partner of Posco in the eco-friendly energy sector, relating to hydrogen, green steel and secondary battery materials.

On Monday, McGowan also toured the company’s exhibition highlighting its hydrogen value chain. McGowan noted that he thinks highly of Posco’s hydrogen value chain, encompassing hydrogen production and storage, as well as hydrogen reduction steelworks.

In Australia, Posco Group has so far invested more than 4 trillion won ($3.2 billion) to develop raw materials, such as iron ore, lithium and nickel.

In June last year, Choi visited Australia to check the projects that Posco Group has invested in. Choi met with high officials from Australian raw materials providers to discuss new business opportunities as well.

During his visit, Choi met with Gina Rinehart, chairwoman of Hancock, to sign a memorandum of understanding for mine development and the processing of raw materials used in electric vehicle batteries.

Choi also met with the chairpersons of First Quantum Minerals, a company specializing in mining development and smelting, as well as with Pilbara Minerals, an Australian lithium and tantalite mining company, to seek new business collaboration.

In November, Choi attended the opening ceremony of the 43rd Korea-Australia Economic Cooperation Committee held in Sydney, Australia. Choi then announced that Posco Group will invest a total of $40 billion in Australia by 2040.