Essential Metals kills Tianqi-IGO takeover deal, open to other bids (updated)

Essential Metals

21/04/2023 24:50

(Updates with background, details)
       April 21 (Reuters) - Australia's Essential Metals Ltd
 ESS.AX  said on Friday it had terminated a A$136 million
($91.69 million) takeover deal signed with China's Tianqi
Lithium  002466.SZ  in January this year.
    The news comes a day after the Australian lithium miner's
shareholders knocked down the buyout proposal from a joint
venture of Tianqi Lithium and Australian miner IGO Ltd  IGO.AX .
 
    Essential had in the December quarter invited expression of
interest from local and international lithium players, a key
step to advance the Pioneer Dome Project in Western Australia.
    The company is now free to engage with other parties, as
well as those who had expressed interest in the December
quarter, it said in a filing.
    "Our Pioneer Dome Lithium Project is primed for development
and the company is extremely well placed to consider future
strategic opportunities," said Chairman Craig McGown.
    Essential said the project, where it hopes to commence
production in 2025, is progressing well with the primary focus
now on exploration activities and detailed feasibility studies. 
($1 = 1.4832 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Shweta
Agarwal and Subhranshu Sahu)
 ((Rishav.Chatterjee@thomsonreuters.com;))