SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
SpaceX Edges Toward Landmark IPO as Elon Musk Confirms Plans 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
Trello Outage Disrupts Users as Access Issues Hit Atlassian’s Work Management Platform 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
SoftBank Eyes Switch Inc as It Pushes Deeper Into AI Data Center Expansion 
GameStop Misses Q3 Revenue Estimates as Digital Shift Pressures Growth 
EssilorLuxottica Bets on AI-Powered Smart Glasses as Competition Intensifies 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Evercore Reaffirms Alphabet’s Search Dominance as AI Competition Intensifies 
Apple App Store Injunction Largely Upheld as Appeals Court Rules on Epic Games Case 
Air Transat Reaches Tentative Agreement With Pilots, Avoids Strike and Restores Normal Operations 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
Australia’s Mineral Resources Ltd (MinRes) announced on Wednesday that it will sell a 30% stake in part of its lithium business to South Korea’s POSCO for $765 million, aiming to cut debt and strengthen its balance sheet. The news propelled MinRes shares to their highest level in over a year, rising as much as 10.8% in early trading.
The deal forms a new incorporated joint venture, which will hold MinRes’ existing 50% ownership in the Wodgina and Mt Marion lithium mines. This structure gives POSCO an indirect 15% interest in each project, while MinRes will continue operating the mines under its current agreements with partners Albemarle and China’s Ganfeng Lithium.
For POSCO, the acquisition marks its first investment in Australian lithium assets, expanding its energy materials portfolio beyond its domestic lithium hydroxide joint venture with Pilbara Minerals. POSCO CEO In Hwa Chan emphasized the company’s commitment to securing a stable and cost-efficient supply of raw materials as it diversifies from steel into energy materials.
The move comes as MinRes battles high debt from heavy capital spending on its Onslow Iron project and a sharp drop in lithium prices that severely impacted earnings. Prices for spodumene, a key lithium-bearing mineral, fell to a four-year low of about $610 per tonne in mid-2024 before rebounding to $880 — still far below 2022’s record highs above $6,000.
In August, MinRes reported an annual net loss of A$896 million and a 21% rise in debt to A$5.3 billion. The company plans to use proceeds from the POSCO deal to repay debt and strengthen its financial position for future growth. POSCO will receive spodumene concentrate in line with its 30% joint venture stake, reinforcing its foothold in the global lithium supply chain.
