Ganfeng Lithium to Acquire Millennial Lithium for $353 Million
[Click image to enlarge]
[Click image to enlarge]
Millennial Lithium and Ganfeng Lithium have entered into a definitive agreement which Ganfeng, through a British Columbia subsidiary, will acquire all of the outstanding common shares of Millennial for C$3.60 per common share in cash representing total cash consideration of approximately C$353 million.
“Millennial is pleased to receive this offer from Ganfeng, one of the largest lithium producers. Millennial’s board and management believe that the arrangement provides a very attractive opportunity for Millennial’s shareholders to realize full liquidity at a substantial premium to the current share price. The arrangement firmly validates the efforts of the Millennial team in the past four years: advancing the Pastos Grandes Project through exploration to resource estimate, PEA, DFS and ultimately a highly successful pilot pond and plant operations where we have achieved 99.96 percent purity battery grade lithium carbonate production,” said Farhad Abasov, president and chief executive officer of Millennial.
“Ganfeng would bring significant technical lithium expertise to Pastos Grandes gained through their partnership with Lithium Americas Corp. at Cauchari and other projects worldwide. The premium to the current share price offered by Ganfeng brings a significant value to the Millennial shareholders. We thank all our shareholders for their support all these years. I would also like to thank our board and its chair, Graham Harris, who is also the founder of Millennial, for their solid support,” added Abasov.
“Millennial’s 100 percent owned Pastos Grandes Project is an attractive, advanced stage lithium project and is in our view highly complementary to our existing footprint in Argentina. We commend Millennial on their achievements to date and we look forward to working closely with stakeholders and local communities in Argentina to deliver a lithium operation that will benefit the regional economy,” said Li Liang Bin, chairman and president of Ganfeng.
About Ganfeng Lithium
Ganfeng is one of the largest producers of lithium. Ganfeng’s operations are vertically integrated, encompassing all critical stages of the value chain, including upstream lithium extraction, midstream lithium compounds and metals processing as well as downstream lithium battery production and recycling. Ganfeng has one of the most comprehensive product offerings split into five major categories of more than 40 lithium compounds and metals products.
To stop by Ganfeng’s website, CLICK HERE
About Millennial Lithium
Millennial Lithium Corp is engaged in the business of acquisition, exploration and development of lithium mineral properties. The company’s projects include the Pastos Grandes Lithium Project and Cauchari East Lithium Project. It has one operating segment, being the exploration of resource properties.
To stop by Millennial Lithium’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2021 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
