Lithium giant Albemarle is close to buying Australia’s Liontown for $4.3 billion
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US Albemarle Corp., the world leader in lithium mining, is close to buying Australian mining company Liontown Resources. Last reported on Monday that it intends to accept Albemarle’s offer to buy back all of Liontown’s shares at A$3 each. Thus, the total amount of the transaction will be 6.6 billion Australian dollars ($4.3 billion).
The American chemical company has been trying to acquire Liontown for months. The first offer, made by Albemarle back in March of this year, was rejected by the Australian company’s board of directors, who considered the price of 2.5 Australian dollars per share unacceptably low. Albemarle’s current offering is the fourth and last, the American company said.
After it became known that Liontown management intends to support Albemarle’s offer, shares of the Australian mining company rose by 11.5% at the opening of trading.
Liontown owns two large lithium deposits in western Australia. The start of production at the company’s flagship project in Kathleen Valley is scheduled for mid-2024. It is one of the largest and highest grade lithium hard rock deposits in the world.
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