By Melanie Burton and Scott Murdoch MELBOURNE (Reuters) - Emerging Australian lithium companies are witnessing a surge in buyouts as their lower ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSMELBOURNE - Emerging Australian lithium companies are witnessing a surge in buyouts as their lower valuations and cash needs attract some of the world's top producers of the battery material and other suitors who are racing to secure supplies.
That is forcing acquirers to shift their hunt to earlier stage lithium developers, including some who are drilling to quantify reserves, according to bankers, lawyers and mining analysts. Many of these firms are less pricey and are hungry for funds as they ramp up their activities. And Chile's SQM, the world's second-biggest lithium producer, made an offer last month for Azure Minerals after buying a 19.95% stake in it for A$20 million in March.
The deals mania comes as Australia is implementing a critical minerals strategy that envisages significant collaborations with investors and international partners in order to become a renewables superpower. "Downstream facilities need product, so that continues to drive M&A," said Guy Alexander, head of M&A at law firm Allens.
“The inbound investment trend will continue,” said Tony Chong, a partner at law firm Squire Patton Boggs in Perth, adding that he expected to see more Japanese interest in Australian projects.
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