Arbor, the world's largest lithium miner, buys Australian lithium miner Liontown for A $6.6 billion

CTOnews.com, September 4 (Xinhua)-- Australian lithium miner Liontown Resources agreed to an A $6.6 billion (CTOnews.com note: about 30.954 billion yuan) offer from Albemarle Corp, the world's largest lithium miner, and its shares rose 11.5 percent to A $2.92, the highest since July 14, Reuters reported.

Liontown's new cash purchase price is A $3 a share, a 14.5 per cent premium to the final closing price of A $2.62 on September 2 and about 20 per cent higher than the A $2.50 per share proposed by Abel at the end of March.

Liontown said in a statement that Arbor had been allowed to conduct an exclusive and prudent investigation for a limited period and had signed a mutually acceptable agreement for the implementation of the plan.

Liontown controls two major lithium deposits in Western Australia, including the Catherine Valley project, scheduled for its first production in mid-2024, which is one of the largest and highest-grade hard rock lithium deposits in the world.

Liontown has signed supply agreements with the battery departments of Ford, Tesla and LG Chem in South Korea.