First Quantum to sell 30% stake in Ravensthorpe to Posco, mulls battery JV

First Quantum Minerals has entered into a binding agreement to sell a 30% equity interest in the Ravensthorpe nickel-cobalt operation in Western Australia to South Korean steelmaker Posco for $240 million in cash, the company said on May 19.

The Vancouver, Canada-headquartered company will retain a 70% interest in Ravensthorpe and continue to be the operator.
Posco and First Quantum have also agreed to evaluate a strategic partnership to produce battery precursor materials, likely in the form of nickel sulfate, from mixed nickel-cobalt hydroxide precipitate (MHP) production at Ravensthorpe.

Fastmarkets assessed the nickel sulfate min 21%, max 22.5%, cobalt 10ppm max, exw China at 33,000-33,500 yuan ($5,132-5,209) per tonne on Friday May 14, up by 500-1,000 yuan per tonne (2.3%) from 32,000-33,000 yuan per tonne on May 7.
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