Join our daily newsletter At The Bell to receive exclusive market insights
- IGO (IGO) is one step closer to securing a stake in Tianqi Lithium’s subsidiary as the Chinese lithium giant’s shareholders agree to the sale
- The motion received a 99.7 per cent approval vote from Tianqi shareholders on January 5
- IGO is set to acquire a 49 per cent non-controlling interest in the Tianqi’s Australian energy arm
- IGO’s Managing Director Peter Bradford said the “resounding” support validates the potential value creation of the deal
- The Australian mining company is also currently undertaking a strategic review of its 30 per cent holding in the Tropicana gold operation
- IGO shares are off 2.91 per cent on the back of the news, trading at $7.35 each
IGO (IGO) is one step closer to securing a stake in Tianqi Lithium’s subsidiary as the Chinese lithium giant’s shareholders agree to the sale.
The motion received a 99.7 per cent approval vote from shareholders on January 5, which a company statement says validates the “win-win” nature of the transaction.
The approval marks a key step towards IGOsecuring a 49 per cent stake in Tianqi HoldCo, owner of the world’s largest lithium mine, Greenbushes.
The Australian mining company is also undertaking a strategic review of its 30 per cent holding in the Tropicana gold operation, the remaining 70 per cent stake of which is owned by AngloGold Ashanti (AGG).
In broader terms, it represents an incremental step towards IGO’s objective to become a “unique clean energy metals investment.”
IGO’s Managing Director Peter Bradford said the “resounding” support from Tianqi shareholders validates the potential value creation of the deal.
“Tianqi and IGO continue to progress the completion workstreams and we will provide further updates to the market as the remaining conditions precedent required to complete the transaction are progressed,” he commented.
IGO shares are off 2.91 per cent on the back of the news, trading at $7.35 each at 2:56 pm AEDT.
