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NLC - Neo Lithium News Story

C$6.44 0.0  0.0%

Last Trade - 6:36pm

Sector
Basic Materials
Size
Mid Cap
Market Cap £533.7m
Enterprise Value £501.4m
Revenue £n/a
Position in Universe 322nd / 2712

UPDATE 1-China's Zijin Mining to acquire Neo Lithium in $737 mln deal

Sat 9th October, 2021 2:24am
(Adds detail, background)
    Oct 8 (Reuters) - China's Zijin Mining Group Co Ltd
 601899.SS  will buy Canada's Neo Lithium Corp  NLC.V  for
C$918.7 million ($737.14 million)the companies said on Friday.
    Zijin has agreed to buy Argentina-focused lithium company,
Neo Lithium at a price of C$6.50 per share in cash, the
companies said in a joint statement.
    The offer represents a premium of over 18% to Neo Lithium's
last close of C$5.49 on Friday.
    Neo Lithium said that the deal has been unanimously approved
by the board. 
    In August, Chinese gold and copper miner Zijin said its plan
on lithium and other new energy minerals were in a preliminary
strategic planning stage with no detailed time frame or specific
projects yet.  urn:newsml:reuters.com:*:nL1N2PA055
    The deal comes after Chinese battery maker Contemporary
Amperex Technology Co Ltd (CATL)  300750.SZ  last month agreed
to acquire Canada's Millennial Lithium Corp in all stock cash
deal worth C$376.8 million ($302.33 million).  urn:newsml:reuters.com:*:nL4N2QV0PI
    Last year, CATL also purchased more than 10 million shares
of Neo Lithium Corp and became the company's third largest
shareholder.  urn:newsml:reuters.com:*:nL1N2GB17K
    
($1 = 1.2463 Canadian dollars)

 (Reporting by Sabahatjahan Contractor in Bengaluru; Editing by
Sandra Maler)
 ((Sabahatjahan.Contractor@thomsonreuters.com; within U.S. +1
646 223 8780 outside the U.S.  +918067492635;))
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