China’s Zijin Mining to acquire Neo Lithium in $737 mln deal – ET Auto

0


Neo Lithium said that the deal has been unanimously approved by the board.

China‘s Zijin Mining Group Co Ltd will buy Canada’s Neo Lithium Corp for C$918.7 million ($737.14 million)the companies said on Friday.Zijin has agreed to buy Argentina-focused lithium company, Neo Lithium at a price of C$6.50 per share in cash, the companies said in a joint statement.

The offer represents a premium of over 18% to Neo Lithium’s last close of C$5.49 on Friday.

Neo Lithium said that the deal has been unanimously approved by the board.In August, Chinese gold and copper miner Zijin said its plan on lithium and other new energy minerals were in a preliminary strategic planning stage with no detailed time frame or specific projects yet.

The deal comes after Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) last month agreed to acquire Canada’s Millennial Lithium Corp in all stock cash deal worth C$376.8 million ($302.33 million).

Last year, CATL also purchased more than 10 million shares of Neo Lithium Corp and became the company’s third largest shareholder.
($1 = 1.2463 Canadian dollars)

Also Read:

Stellantis, Bill Gates’ Breakthrough Energy Ventures and others have invested millions of dollars or signed supply agreements with so-called direct lithium extraction (DLE) start-ups in recent months in an attempt to propel the technology to commercial production, expected within the next year or two.

At his regular morning news conference, Lopez Obrador stressed that Mexico’s lithium should be developed exclusively by the government, which is part of a controversial electricity reform bill that seeks to strengthen state-owned power company CFE and prioritize the dispatch of energy from its plants.

BMW, which already buys lithium from China’s Ganfeng Lithium Co and other traditional lithium producers, said it sees Lilac’s technology as a way to boost global production of the white metal as demand grows from the EV market.

Follow and connect with us on , Facebook, Linkedin, Youtube



Leave a Reply