POSCO Holdings Inc., South Korea’s top steelmaker, said Wednesday it signed a tentative agreement for a project involving lithium extraction from oil-field brine in Canada’s western province of Alberta. (Image courtesy of Korea Bizwire)
SEOUL, Nov. 8 (Korea Bizwire) — POSCO Holdings Inc., South Korea’s top steelmaker, said Wednesday it signed a tentative agreement for a project involving lithium extraction from oil-field brine in Canada’s western province of Alberta.
Under the memorandum of understanding with Invest Alberta Corporation (IAC) signed in Seoul, POSCO plans to pursue the project for lithium extraction in the province by forging partnerships with local companies and investing in oil-field brine mining sites optimal for lithium extraction.
IAC agreed to provide administrative support, including tax benefits and provision of various information, in the process of POSCO’s investment in Alberta. A signing ceremony for the memorandum was held at the Canadian Embassy in Seoul.
Oil-field brine is water found around the Earth’s strata where petroleum is stored, containing minerals such as lithium, which is used as a key material for secondary batteries.
According to POSCO, Alberta is Canada leading region in the petroleum and shale gas industries, and also home to one of the world’s largest reserves of lithium stored in oil-field brine.
(Yonhap)
