Batteries
Citibank Korea provides $412 mn to POSCO for Argentine business
POSCO Holdings aims to develop a large salt flat in Salta, Argentina, and build a plant for producing lithium hydroxide
By Feb 06, 2023 (Gmt+09:00)
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![Citibank Korea headquarters in Seoul](https://www.kedglobal.com/data/ked/image/2023/02/06/ked202302060005.397x.0.png)
Citibank Korea signed on Jan. 25 a financial contract with POSCO Argentina, a subsidiary of South Korea's steel and secondary battery raw material giant Posco Group, to support the development of a lithium salt lake in Argentina.
The bank said on Feb. 3 that in partnership with the Korea Trade Insurance Corporation (KSURE), it provided a $412-million syndicated loan for the project.
POSCO Group's holding company POSCO Holdings Inc. aims to develop a large salt flat in Salta, Argentina, and build a plant capable of producing 25,000 tons of lithium hydroxide annually by 2024.
According to Kim Kyung-ho, Vice President of Citibank Korea Corporate Finance Group, the financial support from Citibank Korea and KSURE is significant as it would enhance the competitiveness of the eco-friendly materials industry by helping them secure stable supply chains for key raw materials and establish secondary battery value chains.
Write to Sang-Yong Park at yourpencil@hankyung.com
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