[KOREAN ECONOMIC NEWS] Good morning everyone I am  Rumi Dhar from Kama Group.
Here I have important KOREAN economic news to share with you which is as mentioned
below.

South Korea's POSCO International has signed a deal on the supply of natural graphite to
strengthen its battery raw materials unit.

The company on Monday said it signed a contract with the Tanzania-based Faru Graphite,
a subsidiary of the Australian company Black Rock Mining, on the supply of natural graphite
from the African country.

POSCO International will spend $10 million (13.2 billion won) to import 750,000 tons of
natural graphite over the 25 years of the mine's expected operation. The graphite will go
to the global cathode materials plant of POSCO Future M, a POSCO Group affiliate.

Owned by Faru Graphite, the Mahenge mine is the world's second-largest for natural
graphite in reserves. Global demand for graphite, a key raw material for manufacturing
battery cathode materials, is highly dependent on China.

Through this contract, POSCO Group is expected to respond to the US Inflation Reduction
Act by diversifying its suppliers. Market research company Benchmark Mineral Intelligence
said global demand for natural graphite by 2035 is expected to jump 6.5 times from last
year's supply.



Read more at: https://www.kedglobal.com/energy/newsView/ked202305300003

KAMA GROUP
New Delhi
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