Essential open to other bids

21st April 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) - Lithium joint venture (JV) Tianqi Lithium Energy Australia (TLEA) has terminated the scheme implementation deed with junior lithium developer Essential Metals, leaving the door open for new offers.

Essential shareholders this week rejected the A$136-million takeover offer from TLEA JV partners IGO and Tianqi Lithium Corporation.


Essential on Friday told shareholders that with the termination of the scheme implementation agreement, the company was now at liberty to engage with other parties, including those who participated in the expressions of interest (EoI) process in the December quarter, when Essential invited various local and international lithium participants interested in off-take and/or investment to participate in the EoI process as a key step in advancing the Pioneer Dome lithium project towards production.

“Looking forward, the board and management are excited to get back to advancing Essential Metals, without constraints, for the benefit of all shareholders. Our Pioneer Dome lithium project is primed for development and the company is extremely well placed to consider future strategic opportunities,” said chairperson Craig McGown.

Fellow listed Mineral Resources earlier this month took a 19.55% interest in Essential, prompting speculation that the company make a bid for Essential as it continues its acquisition streak, which included a takeover offer for Norwest Energy.