Posco Holdings announced Wednesday (local time) that it held a groundbreaking ceremony for a lithium extraction plant at Salar del Hombre Muerto in Argentina with Posco Group CEO Choi Jeong-woo attending the ceremony. The plant is designed to produce lithium for electric vehicle batteries, with the aim of completing the construction by the first half of 2024.
The plant is to produce 25,000 tons of lithium hydroxide each year. Posco Group took on the entire process of acquiring the mining rights, explorations, construction, and operations, with an investment worth 830 million dollars (approx. 1 trillion Korean won). Lithium is a core component for building electric vehicle battery. Posco is planning to expand the size of lithium production to a maximum 100,000 tons by 2028, which can be translated into the manufacturing of 2.4 million electric vehicles.
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