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CATL Takes Stake of Australian Lithium Exporter

Metal News - Published on Fri, 06 Sep 2019

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Chinese lithium ion battery manufacturer Contemporary Amperex Technology will emerge as one of the biggest shareholders in Pilbara Minerals under a plan to raise up to AUD 111.5 million. CATL will pay AUD 55 million for 8.5% of Pilbara, under a placement that effectively values the Western Australian lithium exporter at AUD 646 million. CATL makes electric vehicle batteries for car manufacturers like BMW, and is currently building a factory in Germany to supply BMW and other customers.

The Chinese company's involvement suggests large scale consumers of lithium still have an eye on the long term amid the current bear market for the battery mineral.

Pilbara will also seek to raise AUD 36.5 million from institutional investors and AUD 20 million from retail shareholders at AUD 0.3 per share.

The raising plan, which is being assisted by Macquarie, comes a week after Pilbara decided not to proceed with a sale of a stake in the company's Pilgangoora mine because it believed the offers were too low.

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Posted By : Rabi Wangkhem on Fri, 06 Sep 2019
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