IGO’s big buy into lithium

Dec 9, 2020 | News

IGO ltd has entered a binding agreement with Tianqi Lithium to acquire a 49% non-controlling interest in Tianqi Lithium Energy Australia (Lithium HoldCo). The deal will see IGO take a 24.99% interest in the Greenbushes lithium operation, south-west of Perth,  and a 49% indirect interest in the Kwinana lithium hydroxide plant for total consideration $1.9 billion. Funding to come from new debt facilities ($1.1 billion), equity raise ($766 million) and cash ($85 million and $149 million).
Deal expected to close in June 2021 qtr.
Meanwhile, stage one of Tropicana gold divestment strategy closing in with the start of the review into initial bids expected leading into Christmas.
Also, IGO remains committed to the journey of discovering Nova 2.0 nickel. 
Peter Bradford took some tough questions this morning and also drew applause from some analysts on a “great deal” in the lithium space.

 

 

 

 

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