POSCO Chairman Jang Inhwa Embarks on ‘Private Sector Resource Diplomacy’ in Australia, Proposes Cooperation on Core Mineral Supply Chains

Attending the Annual Korea–Australia Economic Cooperation Committee Meeting

"Core minerals as a new pillar for bilateral cooperation"

Consecutive meetings with key Australian ministers and industry leaders

Requesting expanded cooperation in steel, lithium, and energy sectors

Jang Inhwa, Chairman of POSCO Group, has embarked on private sector resource diplomacy in Australia, aiming to strengthen economic cooperation between Korea and Australia. His proposal calls for expanding collaboration between the two countries in key resource sectors, such as lithium and energy, beyond steel. He suggests that combining Australia’s abundant resources with Korea’s advanced technologies will help upgrade supply chains.

Jang Inhwa, Chairman of POSCO Group, is announcing the group's new future growth strategy at the 'CEO Investor Day' held at the Conrad Hotel in Seoul on July 2. Photo by Yonhap News

On September 2, Chairman Jang attended the 47th Korea–Australia Economic Cooperation Committee annual joint meeting in Adelaide, Australia, serving as the Korean chair. The event gathered more than 200 political and business leaders from both countries, including Australian Foreign Minister Penny Wong; Minister for Trade and Tourism Don Farrell; and Martin Ferguson, Chair of the Australia-Korea Business Council (AKBC).

Since its establishment in 1979, the Korea–Australia Economic Cooperation Committee has played a central role in driving bilateral economic cooperation. Participants agreed that this year, marking the 65th anniversary of diplomatic relations, should serve as a new springboard for further development and that the Committee’s status and function should be enhanced amid the rapidly changing global supply chain landscape.

In his opening remarks, Chairman Jang stated, “Core minerals will have even greater potential as a new pillar for bilateral industrial cooperation,” emphasizing the importance of strengthening supply chains by combining Australia’s abundant resources with Korea’s advanced refining and processing technologies.

He further said, “We should create an energy ecosystem through stabilizing the natural gas supply chain and cooperating on renewable energy. By expanding our partnership into defense, space, and research and development (R&D), let’s ensure both countries advance as core partners in future high-tech industries.”

At the meeting, participants discussed ways to enhance cooperation in three key sectors: steel and secondary battery materials and core minerals; innovation and R&D; and energy transition and decarbonization.

POSCO Group highlighted major activities of the Australia Core Resource Research Center, its first overseas resource-specialized institute, underscoring the need to advance bilateral cooperation to a technological partnership level. POSCO International noted that energy cooperation between Korea and Australia is evolving beyond traditional resource security into joint expansion of renewable energy businesses.

Before the meeting, Chairman Jang met with several key Australian government and industry figures to discuss expanding business collaboration.

On September 1, he met consecutively with Australian Minister for Industry and Innovation Tim Ayres and Minister for Trade and Tourism Don Farrell, emphasizing the importance of resource cooperation. He also requested support and cooperation from the Australian government to ensure the smooth progress of POSCO Group’s steel, lithium, and energy businesses in Australia. In addition, he met with Kathleen Conlon, Chair of Pilbara Minerals, to discuss ways to strengthen cooperation in the lithium sector.

This activity is part of the ‘Triple Core Strategy’ promoted by POSCO Group. POSCO Group is expanding its business areas with a three-pronged focus: industrial resources (such as steel), strategic resources (such as lithium), and energy resources. Australia is a key partner, accounting for 70% of the group’s raw material procurement.

POSCO Group has imported over 1.5 billion tons of Australian raw materials since starting long-term iron ore purchases in 1971. The group also participated in Australia’s Roy Hill iron ore mining project from its initial stages in 2010.

In the secondary battery material sector, POSCO Group is operating a lithium hydroxide production plant in the Yulchon Industrial Complex in Jeollanam-do through a joint venture with Pilbara Minerals. This year, POSCO Group also secured equity in a lithium mine owned by Mineral Resources Limited in Australia.

In the energy sector, since acquiring Senex Energy in Australia in 2022, POSCO Group has been expanding its natural gas business.

This content was produced with the assistance of AI translation services.