Mineral Resources Ltd's stock soared 5.02% during intraday trading on Friday, following the announcement of a significant strategic partnership for its lithium business.

The company has executed investment and shareholders agreements with South Korea's Posco Holdings, enabling Posco to take a 30% stake in a newly incorporated joint venture named LithCo. This joint venture will hold Mineral Resources' existing 50% interests in the Wodgina and Mt Marion lithium mines located in Western Australia.

The transaction, while subject to final long-form agreements, offtake arrangements, and regulatory approvals, is anticipated for completion in the first half of 2027. The execution of these key formal agreements is viewed as a positive development for the company's lithium operations and future growth prospects.