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Australian lithium miner Azure Minerals (OTCPK:AZRMF) said Thursday it entered a binding agreement to be bought out by Sociedad Quimica y Minera de Chile (NYSE:SQM), in a deal implying an equity value of A$1.63B (~US$1.03B).
SQM (SQM) earlier this year bought a 19.9% stake in Azure (OTCPK:AZRMF), but a buyout bid from SQM that valued the Australian miner at A$901.4M was rejected.
Azure (OTCPK:AZRMF) controls a 60% stake in the Andover Lithium project in Australia’s West Pilbara, which the company says has the potential to rank among the world’s biggest lithium projects.
For SQM (SQM), the deal also helps secure feed for its A$1.9B Mount Holland lithium hydroxide project Western Australia the company it is building with Wesfarmers (OTCPK:WFAFF) (OTCPK:WFAFY).
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Image and article originally from seekingalpha.com. Read the original article here.