<p>South Korean steel giant POSCO has signed a heads of agreement with Australian resources development company Hancock Prospecting for a feasibility study on a low-carbon hot briquetted iron production project. Through the agreement, the two companies plan to conduct a detailed feasibility study on the establishment of a new HBI plant, the development of an iron ore mine in Australia, and investment in pilot facilities for hydrogen production. The two companies are considering developing an Australian mine owned by Hancock to secure a stable supply of high-quality iron ores and establishing a new low-carbon HBI manufacturing plant that reduces carbon dioxide emissions by using hydrogen as a reducing agent. In July 2021, POSCO signed an MOU with Hancock for HBI production and has been conducting a preliminary feasibility study. Through this HoA, the company plans to make a detailed review by the end of 2022 before making an investment decision.</p><p>Furthermore, they are also planning to directly produce hydrogen used as a reducing agent by making good use of Australia’s excellent renewable energy conditions.</p><p>POSCO Group and Hancock jointly invested in Roy Hill Mine in Australia in 2010 and have since been operating it. Recently, POSCO International and Hancock Energy also acquired Senex Energy, an Australian natural gas producer and developer.</p>
<p>South Korean steel giant POSCO has signed a heads of agreement with Australian resources development company Hancock Prospecting for a feasibility study on a low-carbon hot briquetted iron production project. Through the agreement, the two companies plan to conduct a detailed feasibility study on the establishment of a new HBI plant, the development of an iron ore mine in Australia, and investment in pilot facilities for hydrogen production. The two companies are considering developing an Australian mine owned by Hancock to secure a stable supply of high-quality iron ores and establishing a new low-carbon HBI manufacturing plant that reduces carbon dioxide emissions by using hydrogen as a reducing agent. In July 2021, POSCO signed an MOU with Hancock for HBI production and has been conducting a preliminary feasibility study. Through this HoA, the company plans to make a detailed review by the end of 2022 before making an investment decision.</p><p>Furthermore, they are also planning to directly produce hydrogen used as a reducing agent by making good use of Australia’s excellent renewable energy conditions.</p><p>POSCO Group and Hancock jointly invested in Roy Hill Mine in Australia in 2010 and have since been operating it. Recently, POSCO International and Hancock Energy also acquired Senex Energy, an Australian natural gas producer and developer.</p>
