OREANDA-NEWS. January 14, 2015. POSCO held a building completion ceremony for the world`s first ever large lithium direct extraction demo plant, which it has developed near a salty lake in Cauchari, Jujuy province northern part of Argentina.

The building completion ceremony grabbed substantial media attention in Argentina, with local government officials turning out in force to celebrate POSCO`s achievement. Present at the ceremony were Jorge Mayoral, the Vice-Minister of Mining Department in Federal Government, Eduardo Fellner, the governor of Jujuy, as well as officials from local subcontractors such as LAC and Exar.

Jorge Mayoral, the Vice-Minister of Mining Department in Argentina, said he was impressed with POSCO`s passion for the lithium project. ``We will support at the central government level the success of lithium projects not just in the Jujuy region, but in other areas which are expected to contribute to Argentinian economic development.``

Eduardo Fellner, the governor of Jujuy, said, ``We expect that the partnership between POSCO and Jujuy province will be mutually beneficial and also help develop the community in Jujuy region. POSCO brings world-class technologies and Jujuy province provides vital resources. The people of Jujuy Province are dedicated to supporting the project.``

The large demo plant contains the world`s first lithium direct extraction technologies developed by POSCO and the plant is capable of producing 200 tons of lithium carbonate annually. Since the plant facilities were shipped last August from Korea, there has been a four-month period to allow for shipping and assembly. The final verification of the lithium extraction technologies is expected to be completed shortly, allowing for the plant to commence normal operation.

POSCO developed the high-efficient lithium extraction method from salty water in 2010 for the first time in the world, and it has succeeded in demonstrating lithium extraction by constructing a pilot plant in Chile in 2013. Unlike existing natural evaporation extraction which takes an average of between 12 months to 18 months, POSCO can produce high-purity lithium in as little as 8 hours and as long as one month. As the lithium recovery rate is also higher by more than 80%, far surpassing the previous rate of 20%, the technology has excellent economic feasibility.

The building completion ceremony and successful plant operation has meant that POSCO has, once again, launched a strong new growth engine, as emphasized throughout the presidency of Kwon Oh-joon. The excellence of POSCO`s own lithium direct extraction technology will help it secure an unrivaled position in the world`s lithium market, where a demand expansion is expected due to the popularization of electric vehicles.