Australia will play a big role in South Korea’s ambition to lead the electric vehicle batteries market and diversify from China for its battery metals needs, a top South Korean executive said on Wednesday.
POSCO processes lithium phosphate from SungEel to produce lithium carbonate for rechargeable battery makers LG and Samsung.
The Asian country controls a third of the $46 billion market for electric vehicle batteries but it relies heavily on China which is a key supplier to Korea for electric vehicles. South Korea needs critical mineral supplies, having pledged to become a battery manufacturing powerhouse by 2030 as part of a plan to be carbon-neutral by 2050.
POSCO executives at the conference said that Australia is going to be a critical target for the company for investment into hydrogen projects.
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