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Bolivia and South Korea Ink Lithium Deal

Bolivia and South Korea have agreed to a joint venture to exploit the lithium battery business sector. The Korean state run Korea Resources Corp or KORES as it is known announced on Sunday that it had signed a memorandum of understanding with Bolivia's state-owned mining corporation COMIBOL. The consortium included POSCO, SK Innovation Co. and LG Chem, Ltd.

The signing of the agreement between the South Korean consortium and Bolivia took place in La Paz on Saturday as per KORES. Shin-Jong Kim the chief executive of Kores said that currently 10 countries including France, Japan, China, Brazil as well as Korea are engaged in a fierce competition to become Bolivia's lithium business partner. He was convinced that the joint Korea-Bolivia lithium battery project will place Korea in a position of advantage over the others.

Bolivia presently claims almost half of the world's known lithium reserves with a deposit of some 5.4 million tonnes. This makes it a great strategic partner for the South Koreans. The two parties also agreed to launch a task force team to push for the joint lithium battery project including the joint venture to be built in Bolivia. No extra details about the proposed venture were given.

POSCO, the world’s fourth-largest steelmaker, also plans to bid for construction of lithium-carbonate manufacturing and processing facilities in Uyuni. The Pohang-based steelmaker has been looking to become an “all-round materials developer” by branching out to metals like lithium, magnesium and nickel.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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