Alberta lithium fields lure investment from South Korea's Posco Holdings

South Korean company Posco Holdings is looking at investing in the exploration, development and commercialization of lithium in Alberta.The Posco logo is seen outside of Posco Centre in Seoul, South Korea. The South Korean company is considering investing in the exploration, development, and commercialization of lithium in Alberta. South Korean company Posco Holdings is considering investing in the exploration, development and commercialization of lithium in Alberta.

"Through our strategic collaboration with Invest Alberta, Posco Holdings is not only advancing our commitment to securing lithium but also reinforcing our standing in the global secondary battery supply chain," said Kyung Sub Lee, Posco Holdings executive vice-president, in a news release. Lithium, a light metal, is in demand around the globe right now because it is a key component in electric vehicle batteries.

Lithium is now a key focus of the government of Canada's $3.8-billion, eight-year critical minerals strategy, which aims to increase domestic extraction and production of the metal along with other previously under-developed resources such as cobalt, copper, titanium and zinc.The Government of Alberta has also identified lithium as a potential way to diversify its oil-and-gas-based economy.

But Christiaanse said Posco brings global heft to what is still a very new and burgeoning industry for Alberta. He said the company also has the capital and expertise to invest up and down the entire lithium supply chain. Posco has been actively seeking to grow its lithium footprint, first in 2018 by acquiring brine tenements in Argentina, where it is currently constructing commercial brine lithium plants with a total capacity of 50,000 tonnes per year.

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