The Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) has agreed to fund a lithium exploration project in the Eastern Goldfields of Australia in partnership with Maximus Resources. The project aims to find spodumene, a mineral containing lithium, used for making batteries for electric vehicles and other applications.
KOMIR is a South Korean government entity that was established in 2021 to promote the development of mining areas and ensure a stable supply of mineral resources. The agency also manages mine rehabilitation and fosters the development of mineral resources. KOMIR has four divisions: Business Management, Mine Reclamation and Safety, Mineral Resources, and Regional Industry.
Maximus Resources is an Australian mining company that holds tenements in the Eastern Goldfields, covering an area of 1,000 square kilometers. The company has identified several targets for lithium exploration based on historical data and geological mapping. Maximus Resources also has interests in gold and nickel projects in the region.
The joint venture between KOMIR and Maximus Resources will involve a three-year exploration program with an initial budget of A$5 million. The program will include drilling, sampling, geophysical surveys, and metallurgical testing. The joint venture will also seek to secure off-take agreements with battery manufacturers, such as LG Energy Solution, a leading global producer of lithium-ion batteries.
LG Energy Solution is a spin-off of LG Chem, founded in 1992 as the first lithium-ion battery research company in South Korea. LG Energy Solution is one of the largest battery makers in the world, supplying batteries for electric vehicles, mobility devices, IT equipment, and energy storage systems. LG Energy Solution has manufacturing facilities in Korea, the USA, Poland, and China.
The lithium market is expected to grow rapidly in the coming years, driven by the increasing demand for electric vehicles and renewable energy. According to a report by Fortune Business Insights, the global lithium market size was valued at USD 37.8 billion in 2022 and is projected to grow from USD 22.2 billion in 2023 to USD 89.9 billion in 2030 at a CAGR of 22.1%.
Australia is one of the largest producers and exporters of lithium globally, accounting for about half of the global supply. The country has abundant resources of spodumene, which can be processed into lithium carbonate or hydroxide. Australia also has the potential to extract lithium from brines and clays.
The joint venture between KOMIR and Maximus Resources is expected to boost the development of the lithium industry in Australia and South Korea and contribute to the global transition to clean energy. The project also demonstrates the strong cooperation between the two countries in the mining sector.
Source: MiningNews.net
