Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Canada’s First Quantum and South Korea’s Posco have collaborated over a $240mn equity sale of the latter’s Ravensthorpe nickel facility in Western Australia.


South Korean steelmaker Posco, stands to become a 30pc stakeholder and has also discussed the possibility of a strategic partnership and offtake agreement. The two companies will collaborate over battery-grade material production. 


The steelmaker is also entitled to 7,500mt per year of mixed hydroxide precipitate (MHP) from the Ravensthorpe mine beginning 2024, according to the terms of the sale. First Quantum will market the remaining annual production.


First Quantum noted in a statement on Wednesday that the expected closing date of the transaction is Q3 2021, subject to it fulfilling conditions under the Australian Foreign Investment Review Board (AFIRB).

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