POSCO Group Chairperson Chang In-hwa proposed strengthening cooperation in the critical minerals supply chain between the two countries by combining Australia's abundant resources with Korea's advanced smelting and processing technology.
On the 2nd (local time), Chairperson Chang attended the 47th Korea-Australia Business Council (AKBC) annual joint meeting at Adelaide Oval as the Korean side Chairperson. About 200 figures from both countries, including Australian Foreign Minister Penny Wong, Trade and Tourism Minister Don Farrell, and Korea-Australia Business Council Chairperson Martin Ferguson, took part in the meeting.
The Korea-Australia Business Council is a private consultative body launched in 1979, and the meeting discussed cooperation plans in three areas: ▲ steel, secondary battery materials, and critical minerals cooperation ▲ innovation and R&D ▲ energy transition and decarbonization.
At the event, Chairperson Chang said in opening remarks that "critical minerals will have greater potential as a new growth axis for industrial cooperation between the two countries," emphasizing strengthening the supply chain by combining Australia's abundant resources with Korea's advanced smelting and processing technology.
Chang then proposed that the two countries build an energy ecosystem by stabilizing the natural gas supply chain and cooperating on renewable energy, and expand cooperation into areas such as defense industry, space, and research and development (R&D).
Earlier, on the previous day, Chang was said to have met with Australian Industry and Innovation Minister Tim Ayres and Trade and Tourism Minister Don Farrell to convey the importance of cooperation in resources. Chang also asked for the Australian government's cooperation to ensure smooth progress of POSCO Group's steel, lithium, and energy projects underway in Australia.
POSCO Group is pursuing a "triple core" strategy that expands its business domains with three pillars: industrial resources such as steel, strategic resources including lithium, and energy resources. Australia is a key partner country that accounts for 70% of raw material procurement for its resources business.