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Posco Expands Business to Three South American Countries
05/17/2011 - Posco Chairman Joon-yang Chung recently signed agreements for resource development and infrastructure construction projects in Chile, Honduras, and Ecuador, expanding business opportunities in these regions.
Posco Chairman Joon-yang Chung recently signed an agreement for resource development and infrastructure construction projects in Chile, Honduras, and Ecuador, expanding business opportunities in these regions.
Chung signed an MOU with Peru’s Li3 Energy, which is leading a lithium development project in Chile, on joint technological and investment cooperation for production and commercialization of lithium applying Research Institute of Industrial Science & Technology (RIST) technology.
With this MOU, Posco’s RIST will start construction of a commercialized plant in Chile once it succeeds in a pilot plant for lithium extraction. Posco plans to acquire a share of Li3 Energy by the end of August after due diligence.
Li3 Energy is a natural resource development company with a 60% share of the salt lake of Maricunga in Atacama, Chile. The salt lake of Maricunga’s carbon lithium is estimated to be approximately 1.2 million tonnes. Once drilling starts in the second half of the year, lithium is expected to be produced as early as 2013.
To transform itself into a comprehensive material corporation, Posco says it is placing its efforts in developing lithium extraction technology and securing lithium salt lakes. This past February, Posco signed an MOU on sea water dissolved lithium extraction technology with the Ministry of Land, Transport and Maritime Affairs and Korea Institute of Geoscience and Mineral Resources (KIGAM), completed an R&D facility in April, and is currently conducting research on lithium extraction. Posco also is participating in the Bolivia salt water mine lithium extraction project with the Korea Resources Corp.
Chung also met with President Porfirio Lobo Sosa of Honduras and signed an MOU for joint cooperation in the country’s infrastructure and city construction project investments. Honduras is proactively establishing infrastructure for advancement and industry diversification of various fields including water power generation, renewable energy, and road construction.
The Posco Chairman visited Ecuador as well, holding a Posco family inauguration ceremony of Santos CMI, a plant design and construction company. Santos CMI was acquired by Posco E&C and Daewoo Engineering with a 70% share jointly this past February. With more than 25 years of construction experience, this company specializes in electricity generation, oil gas, engineering works, and industrial fields.
Chung signed an MOU with Peru’s Li3 Energy, which is leading a lithium development project in Chile, on joint technological and investment cooperation for production and commercialization of lithium applying Research Institute of Industrial Science & Technology (RIST) technology.
With this MOU, Posco’s RIST will start construction of a commercialized plant in Chile once it succeeds in a pilot plant for lithium extraction. Posco plans to acquire a share of Li3 Energy by the end of August after due diligence.
Li3 Energy is a natural resource development company with a 60% share of the salt lake of Maricunga in Atacama, Chile. The salt lake of Maricunga’s carbon lithium is estimated to be approximately 1.2 million tonnes. Once drilling starts in the second half of the year, lithium is expected to be produced as early as 2013.
To transform itself into a comprehensive material corporation, Posco says it is placing its efforts in developing lithium extraction technology and securing lithium salt lakes. This past February, Posco signed an MOU on sea water dissolved lithium extraction technology with the Ministry of Land, Transport and Maritime Affairs and Korea Institute of Geoscience and Mineral Resources (KIGAM), completed an R&D facility in April, and is currently conducting research on lithium extraction. Posco also is participating in the Bolivia salt water mine lithium extraction project with the Korea Resources Corp.
Chung also met with President Porfirio Lobo Sosa of Honduras and signed an MOU for joint cooperation in the country’s infrastructure and city construction project investments. Honduras is proactively establishing infrastructure for advancement and industry diversification of various fields including water power generation, renewable energy, and road construction.
The Posco Chairman visited Ecuador as well, holding a Posco family inauguration ceremony of Santos CMI, a plant design and construction company. Santos CMI was acquired by Posco E&C and Daewoo Engineering with a 70% share jointly this past February. With more than 25 years of construction experience, this company specializes in electricity generation, oil gas, engineering works, and industrial fields.
