Australia’s critical minerals sector has received further offshore backing after Renascor Resources entered a memorandum of understanding (MOU) with South Korean battery manufacturer POSCO.
The MOU was for the purchase of 20,000 to 30,000 tonnes per annum of purified spherical graphite from Renascor’s developing battery anode material operation in South Australia.
Renascor managing director David Christensen said the company was thrilled to secure the future of its operation.
“We are delighted to be working with POSCO, a world leader in the supply of lithium-ion battery materials with an established track-record of working with Australian companies including, most recently, Australian suppliers of battery minerals,” Christensen said.
POSCO recently signed another MOU with Rio Tinto to explore low-carbon emission technologies from iron ore mining to steelmaking.
In May, the Korean manufacturer also acquired a 30 per cent stake in the Ravensthorpe nickel operation from First Quantum Minerals in Western Australia.
Minister for Trade, Tourism and Investment Dan Tehan backed Renascor’s commitment to the Australian critical minerals sector.
“Renascor’s strategy is to become one of the world’s leading suppliers of purified spherical graphite, an important valued-added graphite product that is a critical mineral for lithium-ion batteries – from right here in Australia,” Christensen said.
“The Australian Government’s strong support for Renascor has been instrumental in underscoring the critical importance of our battery anode material operation in the renewable energy and EV industries.”
The volume offaken by POSCO has helped Renascor’s to fulfil its stage one targets and has warranted consideration to expand both stage one and two at the operation.
So far, 60,000 tonnes per annum of purified spherical graphite has been secured from the Renascor operation.