Gold Mining News Hubb
Advertisement
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
Gold Mining News Hubb
No Result
View All Result
Home Mining News

Tianqi Lithium makes $94m takeover bid for Essential Metals

admin by admin
January 9, 2023
in Mining News


The transaction provides entry for TLEA into a highly prospective lithium province. Credit: s m anamul rezwan from Pixabay.

Tianqi Lithium Energy Australia (TLEA) has made a A$136m ($94.07m) offer to acquire Australian lithium exploration company Essential Metals, via a Scheme of Arrangement.

TLEA is a lithium joint venture (JV) owned by Tianqi Lithium Corporation (TLC) (51%) and Battery minerals producer IGO (49%).

In this regard, TLEA signed a scheme implementation agreement (SIA) to purchase 100% of the issued capital of Essential Metals, for A$0.50 per share.

According to the SIA, TLEA and Essential Metals have to reach an agreement to provide the latter’s shareholders with an opportunity to vote on the proposed scheme.

In the absence of a superior proposal and subject to favourable independent expert opinion, Essential unanimously recommends its shareholders vote in favour of the scheme.

ESS owns a 100% stake in the 450km² Pioneer Dome Project, located near the Mount Marion and Bald Hill lithium projects in Western Australia.

The company also owns stakes in other early-stage exploration projects across lithium, nickel and gold.

Essential managing director Tim Spencer said: “The scheme announced today provides Essential shareholders with an opportunity to realise an attractive cash amount of A$0.50 per Essential share, reflecting a compelling premium of ~46% over the current market value of Essential shares, based on the one-month VWAP.

“The scheme provides certainty for Essential shareholders in the context of an uncertain economic outlook.”

The proposed deal is subject to various conditions, including ESS shareholder and court approvals.

With the acquisition, TLEA expects to expand its lithium portfolio within Western Australia.

The acquisition also provides entry for TLEA into a highly prospective lithium province.

IGO acting CEO Matt Dusci said: “The ESS transaction provides an opportunity to accelerate lithium exploration to bring new resources to production.

“It also complements the significant growth opportunities within the TLEA business, which include the continued expansion of the Greenbushes operation, the successful ramp-up Train 1 of the lithium hydroxide facility at Kwinana, and progressing towards the financial investment decision for Train 2.

“We look forward to supporting TLEA with future work programmes over the ESS assets, as the joint venture seeks to bring new resources to production to address the market deficit of raw materials critical for clean energy transition.”





Source link

Previous Post

Gold Fields’ shares expected to lag until management vacuum filled say analysts

Next Post

Visualizing $65 Trillion in Hidden Dollar Debt

Next Post

Visualizing $65 Trillion in Hidden Dollar Debt

Recommended

Opportunities for Service Companies Across Angola’s E&P Market Explored at AOG 2022

November 30, 2022

Nigerian soldiers kill another bandit kingpin, Kachalla Gudau

November 16, 2022

Don't miss it

Gold News

EFCC arrests bank official over alleged hoarding of new naira notes

February 6, 2023
Mining News

Football’s Big Game: Charting Super-Sized Bets (2013-2022)

February 6, 2023
Mining News

China’s development of Russian mine

February 6, 2023
Gold News

Sibanye-Stillwater studying start-up in nuclear reactors as signals return to dealmaking

February 6, 2023
Gold News

First Abuja International Marathon to hold in April

February 5, 2023
Mining News

The Top Online Music Services in the U.S. by Monthly Users

February 5, 2023

gold mining-66

© 2022 Gold Mining News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Gold News
  • Mining News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us

© 2022 Gold Mining News Hubb All rights reserved.