https://www.engineeringnews.co.za
Copper|Energy
Copper|Energy
copper|energy

Australian lithium miner Azure approves Rinehart-SQM takeover

8th April 2024

By: Bloomberg

  

Font size: - +

Shareholders in Azure Minerals have approved the Australian lithium miner’s takeover by billionaire Gina Rinehart’s private company Hancock Prospecting and partner Sociedad Química y Minera de Chile.

Under the deal, the Hancock-SQM consortium will acquire the Perth-based, ASX-listed company for A$3.70 per share, a significant premium on its last traded price of A$3.30. It values the miner at A$1.7-billion.

The transaction is subject to approval by the Supreme Court of Western Australia and is expected to close on May 2, Azure said in a statement to the stock exchange on Monday.

Prior to making a significant lithium discovery at what was first thought to be a nickel-copper-cobalt deposit in northern Western Australia, Azure’s shares had traded as low 4.8 cents.

Australia’s lithium industry has seen a frenzy of mergers and acquisitions over the last 12 months, despite a crash in lithium prices, due to the long-term role of the critical battery metal in the energy transition.

Edited by Bloomberg

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Lion Alcoblow ® - High speed breathalyser

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
26th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.56 0.623s - 230pq - 2rq
Subscribe Now