USA News Group Commentary VANCOUVER, BC, April 26, 2024 /PRNewswire/ -- USA News Group - Already in 2023 there have been two multibillion-dollar takeover bids rejected that would've involved
VANCOUVER, BC, April 26, 2024 /PRNewswire/ -- USA News Group - Already in 2023 there have been two multibillion-dollar takeover bids rejected that would've involved critical battery metals assets. The first to go down was Liontown Resources turning down a US$3.6 billion offer from Albemarle Corporation , followed by Teck Resources Limited rejecting a US$23.2 billion merger proposal from Glencore plc .
Throughout this 2023 resource program to date, Lithium South has received excellent lithium values from all holes completed to date. These included an average of samples of 663 mg/L Li, with a range of 320-752 mg/L Li, and ranging from 569 mg/L Li to 708 mg/L Li in another drill hole. The latest results also include nine packer samples collected between 24 and 189 meters, with a density range of 1.215 to 1.218 g/mL and a conductivity range of 196.3 to 209.5 mS/cm.
Located in the same Salta Province of Argentina, Rio Tinto Group completed its acquisition of the Rincon lithium project for $825 million back in May 2022. Detailed studies for the full scale operation have advanced, and Rio Tinto's exploration campaign progressed to further understand Rincon's basin and brine reservoir. The plan is to have the starter plant serve as a pilot for a much larger, 50,000-tonne/year plant there. As well, Rio Tinto has also signed a Memorandum of Understanding with Ford Motor Company for delivery of lithium carbonate from the Rincon salar.
The rejection by Liontown didn't end Albemarle's takeover attempts. In fact, Albemarle began canvassing Liontown's shareholders, all while refusing to budge from its rejected $2.50 per share bid, which came at a 63% premium to the previously undisturbed price. Late in 2022, Glencore had expressed its intent to add lithium to the suite of metals that it trades, citing the raw material's hot demand. Glencore doesn't own lithium mines but produces copper, nickel and cobalt, other raw materials that it terms"commodities of the future," as they are needed to manufacture batteries, electric cars and renewable infrastructure that will help the world transition to a greener economy.
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