Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Australian lithium major Allkem said on Thursday that it has received, or will soon receive, the necessary competition and foreign investment approvals for its planned $10.6 billion merger with Livent.
The merger, announced in May, is expected to close around the end of 2023 and will create Allkem Livent, the world’s third-largest producer of the metal used to make electric vehicle batteries.
Allkem said it is awaiting approvals from certain regulators, both companies’ shareholders and Australian courts, and that the necessary paperwork has been filed with the US market regulator.
The company’s shares rose as much as 4.4% to A$11.815 as of 0242 GMT and was on track for its best day in over a month.
Livent did not immediately respond to a Reuters request for comment.
(By Rishav Chatterjee; Editing by Savio D’Souza)
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