Mineral Resources' Acquisition and Development Plans

Mineral Resources Limited (ASX: $MIN) has announced its intention to develop the Lake Johnston nickel concentrator plant as a lithium processing hub in the southern Goldfields region. The company has entered into a Binding Heads of Agreement with Poseidon Nickel Limited (ASX: $POS) to acquire the plant and tenure, aligning with its strategy to process fines from its existing lithium operations and new discoveries in the region.

Executive Commentary on the Acquisition and Development

This is an exciting opportunity to develop MinRes' third lithium processing hub in the Goldfields and the first to include flotation capacity to treat fines. We intend to bring our expertise in spodumene production to Lake Johnston, which has the potential to service projects throughout the world's most prospective region for lithium.

Summary of the Announcement and Outlook

Mineral Resources Limited's acquisition of the Lake Johnston nickel concentrator plant and tenure, with plans to repurpose it as a lithium processing hub, marks a strategic move in line with the company's focus on lithium, iron ore, energy, and mining services. The development aligns with MinRes' ambition to expand its presence in the lithium market and leverage its expertise to serve projects in the Goldfields region. The acquisition, subject to conditions precedent, reflects the company's commitment to innovation and sustainable resource development. With the potential to reduce approval timelines and capitalize on existing infrastructure, the project signifies a significant step towards achieving MinRes' corporate strategy and contributing to the global lithium market.