FIRB approves Wodgina deal
PERTH (miningweekly.com) – The Foreign Investment Review Board (FIRB) has approved a transaction between New York-listed Albemarle Corporation and ASX-listed Mineral Resources over the Wodgina lithium project, in Western Australia.
The two companies in December of last year struck a $1.15-billion agreement under which Albemarle would acquire a 50% interest in the Wodgina project, with the companies to form a joint venture (JV) to develop, mine, process and produce lithium and other minerals, apart from iron-ore, at the Wodgina project.
However, in August this year the deal was amended to allow Albemarle to obtain a 60% interest in the Wodgina JV, in exchange for $820-million in cash and the transfer of a 40% interest in two 25 000 t/y lithium hydroxide conversion units being built by Albemarle in Kemerton, Western Australia.
Mineral Resources revealed that with FIRB approval, all the conditions precedent to the transaction have been satisfied or waived.
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