South Korean company STX Corp. expands lithium sourcing partnership in Peru

STX Corp., a South Korean trading company, has obtained a stake in a lithium mine in Peru and secured the rights for transportation and off-take of lithium ore concentrate. According to the company, the lithium deposit volume of the mine exceeds 1.5 million tons.

The company inked a memorandum of understanding (MOU) with a Peruvian mine in November 2023, including an option to escalate the off-take volume to as much as 30 percent, contingent upon the outcomes of future drilling activities. The names of the local partners remain unknown to the public. At the time, the company also extended ties with a Brazilian spodumene mine in a contract encompassing over 300,000 tons of lithium concentrates annually.

STX is discussing with global secondary battery manufacturers to establish lithium refineries. This investment aims to strengthen STX’s global sourcing power for battery companies amid raw material supply uncertainties.