Nov 12 (Reuters) - Australia's Mineral Resources

will sell a 30% stake in its operational lithium

business to South Korea's POSCO Holdings ( PKX ) for $765

million after placing it under a new joint venture, the miner

said on Wednesday.

The new entity will hold MinRes' 50% ownership in the

Wodgina and Mt Marion lithium mines, giving POSCO an indirect

15% interest in each of the projects.

MinRes will remain the mines' operator under its existing

agreements with the respective partners.

POSCO will receive spodumene concentrate in proportion to

its 30% interest, supporting its plans for new downstream

processing facilities.

MinRes said the partnership builds on their existing Onslow

Iron JV and will help meet rising demand for Australian lithium.

The Wodgina and Mt Marion mines are among the most

significant in Western Australia. Wodgina, one of the world's

largest hard-rock lithium deposits, is operated in partnership

with Albemarle. China's Ganfeng Lithium is

the partner for Mt Marion.

The deal, approved by both boards, is subject to regulatory

clearances including Australia's Foreign Investment Review

Board.

(Reporting by Rajasik Mukherjee; Editing by Sriraj Kalluvila)