Mining giant Rio Tinto has agreed to acquire Arcadium Lithium, the company created by the merger of Livent and Allkem in January, for $5.85/share, which represents a 90% premium to Arcadium’s share price before the deal was announced. The offer values the firm at about $6.7 billion. Both boards have recommended it to shareholders.
Posco Holdings has held the groundbreaking ceremony for the first lithium hydroxide factory in South Korea, at the Yulchon Industrial Complex in South Jeolla province. The company will invest over $450 million up to completion in 2025. It will be able to produce about 25,000 tonnes/year, enough for some 600,000 electric vehicles.
Yulchon is already home to the Posco Future M subsidiary’s cathode material facility. A lithium ore plant is also being built there and it will eventually host a secondary battery material facility.
Global lithium chemicals companies Allkem and Livent have reached a definitive agreement to combine in an all-stock merger of equals valuing the combined company at $10.6 billion. The agreement is expected to close by the end of 2023. Allkem and Livent shareholders will hold about 56% and 44% respectively of the stock.
Vulcan Energy Resources and Nobian have announced today that they have signed a term sheet for a proposed strategic partnership aiming to jointly develop and operate a lithium hydroxide plant for electric vehicle batteries in Germany. This builds on 15 months of collaboration between the two firms but is not legally binding on the two parties in most respects.
Albemarle has announced plans to locate its previously announced lithium hydroxide ‘Mega-Flex’ facility in Chester County, South Carolina. The initial investment will be at least $1.3 billion, due to surging demand for electric vehicles (EVs) and lithium-ion batteries worldwide.
Pending permitting approvals, the facility will be located within an area of about 320 hectares. It is projected to create more than 300 new, permanent jobs and sustain more than 1,500 construction jobs.
Albemarle has acquired a location in Charlotte, North Carolina, where it will invest at least $180 million to establish the Albemarle Technology Park (ATP), aided by a $13 million incentive package from the state of North Carolina. The company expects to move in by early 2025 and complete of the campus by late 2026.
Livent has opened what will be the first of several major expansions of its operations around the world Bessemer City, North Carolina. The company has increased lithium hydroxide production capacity by 50% to address growing demand for electric vehicle battery materials. The company added aided by long-term growth opportunities and downstream incentives from the recently enacted Inflation Reduction Act, which encourages use of lithium produced or processed in North America.
