Two of the world’s largest lithium producers announced a US$10.6-billion merger on Wednesday that is expected to speed development of mines and a refinery in Quebec.uniting the owners of lithium mines in Canada, Argentina and Australia, and a global network of processing plants. The merger creates the world’s third-largest miner of a key raw material in electric vehicle batteries.
“The combination of James Bay and Nemaska will create a truly world-class suite of lithium assets, firmly based in Quebec,” said Arne Frandsen, managing partner at London-based private equity fund Pallinghurst Group, which focuses on investments in battery materials. Last May, Pallinghurst sold its 25-per-cent stake in Nemaska to Livent, in exchange for shares in the company.
Allkem director John Turner, a Toronto-based partner in law firm Fasken, said the mining company has an excellent relationship with the Cree Nation Government and Cree Nation of Eastmain, the community closest to the James Bay project, and built support for the mine. Over the past two years, the lithium industry has seen its largest companies expand through friendly mergers and hostile takeovers. On Wednesday, RBC’s analysts said another mining company could try to top Livent by making a hostile bid for Allkem. The RBC team said: “Today’s merger will likely further increase the focus on sector consolidation.”
Source: News Formal (newsformal.com)
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