West Australian lithium minnow Liontown Resources is potentially on the cusp of sealing a $6.6 billion takeover by one of the world’s largest lithium producers.
West Australia’s Liontown Resources says the timing of the bid from one of the world’s largest lithium producers is opportunistic given “recent softness in companies exposed to the lithium sector”.
Australian miners,including BHP and Rio Tinto,have benefited from the US car company securing enough critical battery minerals to produce 600,000 electric vehicles a year by 2023.
Australian lithium miner Liontown Resources will supply car giant Ford with a crucial electric vehicle battery material and the US automaker will provide a loan to partly fund the miner’s flagship project.
Prospective lithium miner Liontown Resources has nabbed Tesla as a foundation customer for its Australian lithium mine and shareholders have been rewarded with a share price bump.