Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Patriot's project will supply lithium to Volkswagen’s battery company PowerCo in Europe and North America.
Equinox Minerals would consider selling some of Lundin Mining’s assets in order to clear off debt, the company’s CEO said in a conference call to analysts on Thursday. Equinox has bid CAD$4.8 billion in a challenge to Inmet Mining’s friendly merger with Lundin, but needs a $3.2 billion bridge loan, according to the story by Bloomberg.
“We would consider asset sales in the context of non-core, non-copper assets,” Craig Williams, chief executive of the Perth-based company, said today. Equinox may sell Lundin’s Zinkgruvan zinc mine in Sweden, he said.
Equinox bid C$4.8 billion ($4.95 billion) last month for Lundin, challenging an agreed takeover from Inmet Mining Corp. Equinox has a $3.2 billion bridging loan arranged through Goldman Sachs Lending Partners and Credit Suisse Securities.
The company will seek to restructure about $700 million of the loan “as soon as practical,” Williams said. It plans to move the remainder into convertible debt facilities and high- yield bonds, he said.
