Pilbara Minerals can expand its Pilgangoora lithium scheme in Western Australia after signing a AUD79.6m ($79.6 million) deal with South Korea's POSCO. Pilbara has announced an off-take deal initially worth 80,000 tonnes a year (tpa) of spodumene from Pilgangoora Stage 2 (5 Mtpa), rising to 240,000 tpa on the company's participation in a downstream processing joint venture. POSCO will invest in Pilbara at a placement price of AUD0.97 for a 4.75% stake in the latter.
Pilbara Minerals can expand its Pilgangoora lithium scheme in Western Australia after signing a AUD79.6m ($62.1m) deal with South Korea's POSCO. Pilbara has announced an off-take deal initially worth 80,000 tonnes a year (tpa) of spodumene from Pilgangoora Stage 2 (5 Mtpa), rising to 240,000 tpa on the company's participation in a downstream processing joint venture. POSCO will invest in Pilbara at a placement price of AUD0.97 for a 4.75% stake in the latter.