POSCO Australia Facts:
- Invested almost $2 billion in Australia since 1982
- Invested over $160 million locally since 2011
- Has been purchasing Australian metallurgical coal since 1972, with over 26 million tonnes. of Australian coal purchased in 2014
- Paid $208 million in income tax since 2001, in Australia
- Purchases a range of commodities from Australia annually to the value of $7 billion
POSCO Australia (POSA) is an Australian subsidiary of Korean based POSCO, and is the owner of the Hume Coal Project, since 2013 when the company acquired the 30% stake from Cockatoo Coal.
POSCO Australia established operations in Australia in 1982, and since then has built a successful business, with investments in Australian commodities such as iron ore and coal.
To date, POSCO and POSCO Australia have invested $1.9 billion in Australia, and as a key member of the Australia Korea Foundation, the ongoing investments provide opportunities for both nations, through sponsorship, internship opportunities and political and economic gatherings.
The Hume Coal Project proposes to extract metallurgical coal, one of the primary raw materials in the production of steel. The proposed mine will be a first of its kind, with POSCO Australia leading the charge in implementing the latest underground coal mining technology, to develop a low-impact, underground mine.
With POSCO Australia’s main office situated in Sydney, and the Hume Coal office situated in Moss Vale, they understand and respect the environment in which they are operating, and therefore ensuring that the proposed operations will benefit the local economy through employment opportunities and investment, while guaranteeing there are no negative impacts on the local environment or community.