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Australian lithium miner agrees on $535M acquisition
Australia’s lithium miner Wesfarmers has entered into an agreement with Kidman Resources to acquire a 100% stake in the company. This corresponds to a transaction value of approximately A$776 million (US$535 million), the business said in a statement.
The signing of the scheme implementation deed (SID) “follows the completion of Wesfarmers’ due diligence and the satisfaction of conditions to the Process and Exclusivity Deed with Kidman,” according to Wesfarmers.
“Wesfarmers has confirmed its view that the acquisition of Kidman provides an attractive opportunity to invest in and develop a large-scale, long-life and high-grade lithium hydroxide project in Western Australia,” the statement said.
Kidman Resources says it is a lithium developer which develops the Mt Holland Lithium Deposit in Western Australia through a joint venture with SQM. Last year, Kidman Resources updated its mineral resource estimate for the Earl Grey lithium deposit of 189 million tonnes at 1.50% Li2O, comprising 6.49 million tonnes of lithium carbonate equivalent.