[단독]POSCO suspects’spattering’ the salt lake value in Argentina

An analysis was raised that the value of the Argentine lithium salt lake, which POSCO announced at 35 trillion won, was inflated. This is because lithium reserves far exceed official government announcements, and there are no international standards on how to evaluate them. In particular, it is pointed out that lithium prices are highly volatile, so it is common to apply an average of several years, so the value’bounced’ based on the current market price is pointed out. In the industry, it has been interpreted that POSCO has made an irrational number for the succession of chairman Choi Jeong-woo next week.

On the 3rd, POSCO announced that the value of the lithium salt lake of Argentina’s Ombre Muerto acquired in 2018 was estimated at 35 trillion won. In addition, through additional data after the announcement, it was revised that’the accumulated sales at the time of sales by applying the current market price by producing lithium buried in the salt lake are expected to be 35 trillion won’.

Meanwhile, group-listed companies such as POSCO, POSCO Chemical, POSCO M-Tech, and POSCO ICT have jumped to the price limit (9.99%) in the after-hours market. POSCO International and POSCO Steel Sheet also rose by more than 9% and 6%.

POSCO said at the end of last year that it has confirmed that the Ombre Muerto lithium salt reserves are 13.5 million tons, six times higher than the 2.2 million tons estimated at the time of acquisition. In addition, he explained that Montgomery, a consulting company specializing in salt-water lithium in the United States, performed in accordance with internationally recognized regulations.

The amount of lithium salt lake reserves revealed by POSCO is questionable. According to data released by the Ministry of Trade, Industry and Energy last year, Argentina’s total lithium reserves are 2 million tons. However, POSCO’s salt lake in Argentina is more than six times higher than that.

Lithium reserves are’rubber cords’ depending on the evaluation method. It is estimated to vary from 4 million tons to 39 million tons worldwide.

An official from the Ministry of Industry said, “Oil, gas, etc., to protect investors, announce asset values ​​based on international standards for reserves, etc.”. It is a structure in which the or evaluation agency is responsible for the content.”

In particular, POSCO’s Argentine salt lake is a salt water type. The industry estimates that the brine type has a lithium carbonate recovery rate of only 10-20% compared to the hard rock type. It is said that it may not reach the value of 35 trillion won.

Lithium prices also fluctuate greatly. According to the Korea Resource Information Service, lithium prices in March 2018 recorded RMB 144.5 per kg and plunged to RMB 33.5 RMB in July 2020. Also, on the 2nd of this month, the record was 77.5RMB, but it was only 50% 3 years ago.

In particular, the recent rise in lithium prices is largely affected by uncertainties such as Corona 19. In the future, price volatility is expected to increase further with the corona 19 sedation, the development of lithium recovery technology, and the development of alternatives such as sodium carbonate.

An industry insider pointed out that “the price of lithium is very volatile, so we do not evaluate the value based on the current market price.” “Usually, we evaluate the value based on the average price of lithium over a few years,” he added. “Even the commercialization of salt lakes in Argentina is about two years left, and the market price will change countless times.

Industry analysts say that POSCO’s dissemination of the Argentine salt lake data that was previously published has nothing to do with the reappointment of Chairman Jeong-Woo Choi. Chairman Choi is scheduled to confirm his succession at the shareholders’ meeting on the 12th, but the recent criticism is not easy.

In fact, the data on salt lakes in Argentina came out immediately after a discussion meeting held at the National Assembly on the same day,’Chairman Jeong-woo Choi, 3 years, POSCO is in danger. Justice Party lawmakers Kang Eun-mi and Democratic Party lawmakers Noh Woong-rae and Yoon Mi-hyang made public pressure to resign after taking the issue of subsequent industrial accidents during the term of Chairman Choi.

A POSCO official said, “It was prepared and produced by the department in charge” regarding the background of the distribution of this material.

Reporter Ryu Tae-woong [email protected]