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Australia’s IGO to take 25% of Greenbushes lithium mine and 49% in Li processing plant; $1.4B deal
Australian mining company IGO will acquire a 24.99% stake in the Greenbushes hard-rock lithium mine and a 49% share of the Kwinana lithium hydroxide plant both in Western Australia from China-based Tianqi Lithium for US$1.4 billion.
The deal will be funded through a combination of debt, IGO’s existing cash position (which totaled US$366 million at end-September 2020) and an equity raising, with completion targeted for Q2 2021.
Tianqi, one of the world’s top producers of lithium used in EV batteries, said it would use the proceeds from the stake sale to repay part of its $1.88 billion in loans set to mature near the end of December.