Aug 27 (Reuters) - Australia's Pilbara Minerals Ltd PLS.AX on Tuesday executed a binding terms sheet with POSCO 005490.KS for formation of a joint venture in South Korea to develop and operate a lithium hydroxide and carbonate chemical conversion facility.
The lithium producer Pilbara will initially hold a 21% interest in the joint venture with an option to increase to 30%, the company said in a statement.
Pilbara said board approvals from both parties for the agreement are expected in the December quarter of 2019.