China’s Zijin Mining Group and Neo Lithium have an-nounced they have entered into a definitive agreement under which Zijin agreed to acquire Neo Lithium.
“The total cash consideration for all of the outstanding equity of Neo Lithium is approximately C$960 million,” Zijin said in a statement.
Waldo A. Perez, the president and CEO of Neo Lithium, said that following “a thorough strategic process, we are very pleased to pro-vide this all-cash premium offer to our shareholders from a leading global mining company.”
“This is the result of the collective work of our premier lithium brine exploration team, starting from initial discovery in late 2015 to defin-ing one of the largest and highest-grade lithium brine deposits in the world, and culminating in this premium offer in just six years,” Perez said. “We believe that it is now time for our project to proceed to the construction and production phases with Zijin”.
Neo Lithium says it is advancing its lithium brine lake and salar com-plex in Latin America's so-called Lithium Triangle around the borders of Argentina, Bolivia and Chile.