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Australian miners Orocobre, Galaxy to create $4 billion lithium giant

Australian miners Orocobre, Galaxy to create $4 billion lithium giant We’re sorry, this service is currently unavailable. Please try again later. Dismiss Save Normal text size Advertisement Orocobre and Galaxy Resources, two of Australia’s top lithium producers, have agreed to a $4 billion merger amid soaring prices and a brighter demand outlook for the key raw material in electric vehicle batteries. In a deal announced on Monday, Orocobre would buy Galaxy through a scheme of arrangement to create the world’s fifth-largest lithium chemicals producer. Galaxy Resources’ Sal de Vida lithium project in Argentina. Credit:Bloomberg “Both Orocobre and Galaxy shareholders, will benefit from the diversification, growth and scale of a top-five global lithium chemicals company,” Orocobre chairman Robert Hubbard said.

Galaxy Resources : Australia s Orocobre buys Galaxy to make world s fifth-largest lithium company

Australian miners in $4 billion lithium play to create world s 5th biggest supplier

19 April 2021 Australian lithium producers Orocobre and Galaxy are to merge to create what they claim will be the fifth largest pure-play lithium chemicals company in the world, with a market worth of around $4 billion, and lithium operations in Australia, Chile, Argentina, Canada and Japan. Lithium is one of the central components of lithium-ion batteries. With electrification of transport ramping up and with grid-scale batteries playing an increasingly central role in renewably-powered electricity networks, demand for lithium is expected to soar this decade. Australia is by far the biggest producer of lithium in the world, followed by Chile. There are two widespread methods of mining lithium: extracting lithium ore spodumene concentrate from hard rock, and extracting lithium carbonate from brine, generally found in inland salt lakes particularly in South America.

Australia s Orocobre Buys Galaxy to Make World s Fifth-Largest Lithium Company

Australia s Orocobre buys Galaxy to make world s fifth-largest lithium company Shruti Sonal , By Shruti Sonal (Reuters) - Australia s Orocobre Ltd and Galaxy Resources announced a A$4 billion ($3.1 billion) tie-up on Monday to create the world s fifth largest lithium miner, as demand soars for the key raw material in electric vehicle batteries. Orocobre will aquire peer Galaxy under a scheme of arrangement for A$1.78 billion in shares, also creating Australia s largest lithium pure play. It s overwhelmingly positive. On a high level, you have got significant synergies with both businesses having an Argentina base, said analyst Reg Spencer of broker Canaccord Genuity.

New Lithium Giant Emerges to Feed Surging Battery Demand

New Lithium Giant Emerges to Feed Surging Battery Demand
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