China’s Tianqi Lithium proposes purchase of stake in rival SQM
MELBOURNE – China’s Tianqi Lithium, the country’s largest producer, proposed a deal to purchase a 23% stake in Soc. Quimica & Minera de Chile SA, one of its biggest competitors.
Tianqi has signed a non-binding offer with Soc. de Inversiones Ore Blanco SA to bid for its stake in Soc. de Inversiones Pampa Calichera SA, which in turn holds 23% of SQM, the Chinese producer said Thursday in a statement. It didn’t disclose the value of its planned offer.
Santiago, Chile-based SQM, which also produces fertilisers, has a market value of $7.2-billion and is the world’s second-largest lithium producer, according to data compiled by Bloomberg Intelligence. Tianqi is the third-largest supplier in the $1.4-billion market, the data show.
Tianqi, based in Shehong, Sichuan province, saw its shares advance as much as 4% in Shenzen and at 10:04 a.m. they traded 1.9% higher.
SQM didn’t immediately respond to an e-mailed request for comment. Oro Blanco flagged in December it was inviting bids for its interest in Pampa Calichera.
Lithium producers are seeking to expand production amid booming demand driven by rising sales of electric vehicles, which require the metal for rechargeable batteries. Tianqi this week approved plans to construct a A$400-million plant in Australia to process output from Greenbushes, the world’s largest hard rock lithium mine.
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