STX invests in stake in 1.5 mn ton lithium deposit in Peru

STX Corp., a South Korean general trading company, has secured lithium, a key material for secondary batteries, and obtained a stake in a lithium mine in Peru for trading lithium ore concentrate.

STX announced on Tuesday that it has secured a stake in a lithium mine located in the southeastern state of Puno in Peru, along with the rights for transportation, and sales off-take (priority rights to secure mineral output) of lithium ore concentrate.

According to the exploration results, the off-take proportion can be expanded up to a maximum of 30%. STX estimates the lithium deposit volume of the mine to be over 1.5 million tons.

STX is also in discussions with domestic and international secondary battery manufacturers for establishing factories for lithium smelting and refining. This is aimed at building competitiveness across the entire supply chain, including mining, smelting, refining, transportation and sales of lithium.

"South America, including Peru, Chile, Argentina and Bolivia, is a major lithium-producing region, storing approximately 60% of the world's lithium (about 90 million tons). It is referred to as the region known as the lithium belt," said an STX official.

"With the latest equity stake investment, we aim to strengthen the growth momentum in the secondary battery business, a key management keyword this year, and further solidify our local sourcing power by making Peru a strategic base," he added.

Write to Sang Hoon Sung at uphoon@hankyung.com