Rio Tinto holds tender with legacy inventory from Argyle and Diavik mines
Bids came in from 12 regions across Australia, Europe, Japan, Hong Kong, the Middle East, Singapore and North America, Rio said.
Lithium miner Livent said on Tuesday its proposed $10.6 billion merger with Australia’s Allkem had received all the required pre-closing regulatory approvals.
The deal is expected to close by Jan. 4 if Allkem shareholders vote in its favor at a Dec. 19 meeting.
The new company, to be called Arcadium Lithium, will be the world’s third-biggest producer of the key metal used in electric vehicle batteries, behind US-based Albemarle and Chile’s SQM.
Under the deal, Allkem shareholders will get one share in Arcadium Lithium for each of their shares and the company will ultimately own 56% of the new firm.
Livent shareholders will get 2.406 shares in the new firm for each existing share, with Livent CEO Paul Graves taking the top job.
While a basket of prices for lithium has dropped more than 60% this year, the world’s largest lithium producers say they remain bullish on long-term demand for the battery material.
(By Seher Dareen; Editing by Devika Syamnath)
Read More: Livent starts Australian campaign for $10.6bn Arcadium Lithium merger
Comments