Arcadium shareholders approve sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
The board of directors at Largo Resources (TSX: LGO) is considering a share consolidation on a one-for-ten basis, with a view of a potential listing in the US.
A special meeting of shareholders will be held on March 1 to vote on this matter, the company said. Any authority of the board to consolidate the shares is conditional upon the prior approval of the company’s shareholders and the Toronto Stock Exchange.
Largo is a vertically integrated vanadium producer servicing multiple market applications through the supply of its VPURE (standard-grade vanadium) and VPURE+ (high-purity vanadium) products. These are sourced from one of the world’s highest-grade vanadium deposits at the company’s Maracás Menchen mine located in Brazil.
In 2020, the Maracás Menchen operation was expected to produce between 11,750 and 12,250 tonnes of vanadium pentoxide.
Recently, Largo launched its US-based Largo Clean Energy division, which is aimed to provide long-duration vanadium redox flow battery systems for the fast-growing global renewable energy storage market. Largo believes that a potential US listing would help the company develop this new business.
Shares of Largo Resources jumped 11.7% to C$1.71 per share by midday Thursday, having hit a 52-week high of C$1.78 earlier in the day. The company has a market capitalization of approximately C$964 million.
