POSCO, formerly Pohang Iron and Steel Company, is a South Korean steel-making company headquartered in Pohang, South Korea
Lithium South signs agreement with POSCO Argentina SAU. (Credit: Alex Banner from Pixabay)
Lithium South Development Corporation (the “Company”) (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to announce an agreement with POSCO Argentina SAU, a wholly owned subsidiary of South Korean industry giant, Pohang Iron and Steel Company (POSCO). The newly signed Cooperative Development Agreement marks a significant milestone in the Company’s progression towards lithium production, setting the stage for an innovative collaboration in the development of the Hombre North Lithium Project (HMN Li Project), located in Salta Province, Argentina.
Spanning 3,287 hectares, the HMN Li Project is comprised of five key claim blocks: Alba Sabrina (2089 hectares), Natalia Maria (115 hectares), Viamonte/Norma Edith (595 contiguous hectares), Gaston Enrique (55 hectares), and Tramo (383 hectares).
The Viamonte and Norma Edith contiguous claim blocks are located in an area of dual jurisdiction whereby both POSCO (Catamarca Province) and Lithium South (Salta Province) hold claims to the same ground but in different provinces. Preliminary data suggest that the Norma Edith and Viamonte area holds significant potential to bolster the scope of the HMN Li Project.
In the spirit of finding a solution, to enable both companies to access the potential brine in this area, and to avoid a lengthy, costly, and uncertain legal undertaking, Lithium South and POSCO have agreed to collectively develop the Norma Edith and Viamonte claim blocks and share the brine produced on a 50/50 basis. This agreement represents a pivotal solution to the historical provincial title issue, showcasing a spirit of partnership and pragmatism. The agreement will be subject to other legal undertakings and regulatory approvals as required.
Company President and CEO, Adrian F. C. Hobkirk is quoted, “We are immensely pleased to join forces with POSCO, a leader in lithium and steel production. This partnership is a step forward for both companies. Together, we’re paving the way for rapid advancement in lithium extraction and sustainable energy solutions.”
Source: Company Press Release