POSCO Holdings, KNOC to jointly secure lithium in Canada

POSCO N.EX.T Hub, the venture platform of POSCO Holdings Inc., announced on Thursday that it signed a memorandum of understanding (MOU) with the Korea National Oil Corporation (KNOC) on April 17.

The two companies aim to jointly develop technologies for extracting key minerals such as lithium from formation water in Canadian oil and gas fields.

The partnership will also encompass research into carbon capture, utilization, and storage (CCUS) technologies.

Both companies have agreed to collaborate on developing technologies to extract essential minerals, including lithium, from formation water found in KNOC-owned oil and gas fields in Alberta, Canada.

It is well-known that the formation water surrounding oil and gas layers contains minerals like lithium.

Alberta is recognized as having one of the world’s largest reserves of formation water lithium.

The two companies plan to assess the economic viability of utilizing formation water from these fields and to advance research on mineral extraction technologies.

Write to Hyung-Kyu Kim at khk@hankyung.com