POSCO International Invests in Tanzanian Graphite Mine... Secures Annual Supply for 1.26 Million Electric Vehicles

POSCO International has secured graphite from its investment in a Tanzanian graphite mine, enough to supply 1.26 million electric vehicles annually.

On the 3rd, POSCO International attended the '45th Korea-Australia Economic Cooperation Committee Joint Meeting' held at Crown Towers in Perth, Australia, and signed a $40 million investment contract for the Tanzanian graphite mine with the Australian mining company Black Rock Mining.

The signing ceremony was attended by Jung In-kyo, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy; Madeleine King, Minister for Resources of the Australian Commonwealth; Jang In-hwa, Chairman of POSCO Group; Lee Gye-in, CEO of POSCO International; and Kim Jun-hyung, Head of Secondary Battery Materials at POSCO Holdings.

POSCO International has signed an investment agreement with BlackRock Mining for a graphite mine in Tanzania. After the signing ceremony, officials took a commemorative photo. (From right to left) POSCO Group Chairman Jang In-hwa, POSCO International CEO Lee Gye-in, Jung In-gyo, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, Madeleine King, Australian Minister for Resources, BlackRock Mining Non-Executive Chairman Richard Crooks, Kim Jun-hyung, Head of Secondary Battery Materials at POSCO Holdings. Photo by POSCO International

Through this contract, POSCO Group acquired a 9.9% stake in Black Rock Mining, which owns the Mahenge mine in Tanzania, Africa. This allows early securing of graphite produced from the mine and the establishment of a robust supply chain. Additionally, POSCO Group signed a global sales rights contract for industrial graphite, expanding its graphite business domain.

The Mahenge mine is known to have approximately 6 million tons of graphite reserves, ranking second in the world. POSCO International had already completed the first phase of development with Black Rock Mining last year. When production begins in 2026, 30,000 tons per year will be supplied for 25 years, totaling 750,000 tons of graphite. With the newly secured second phase development contract, POSCO International will be able to secure an additional 30,000 tons of graphite annually for up to 25 years.

As a result, POSCO Group expects to enable anode material production (POSCO Future M) with reduced dependence on China, responding to the United States' Inflation Reduction Act (IRA) and the European Union's Critical Raw Materials Act (CRMA) policies. Furthermore, by signing a global sales rights contract for industrial graphite used in steel, cement, and automotive parts, the graphite business area is expected to expand.

Jang In-hwa, Chairman of POSCO Group, emphasized, "We will continue to discover businesses that contribute to strengthening the global competitiveness of national key industries such as steel and secondary battery materials, and actively utilize the group's diverse industrial portfolio and global network to build supply chains that can also contribute to national security."