Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Agricultural Development Bank of China
Company

Chinese mining giant Zijin Mining to acquire Canada's Neo Lithium for CAD960 mln

October 09, 2021


Abstract : Chinese mining giant Zijin Mining agreed to buy Canada's Neo Lithium for 960 million canadian dollars in cash, according to the canadian company on Friday.

Zijin Mining.png

BEIJING, Oct. 9 (Xinhua) -- Chinese mining giant Zijin Mining Group Co., Ltd. (601899.SH, 2899.HK) agreed to buy Canada-based Neo Lithium Corp. (TSXV:NLC) for 960 million canadian dollars in cash, according to a news release filed to Canadian Securities Administration (CSA) by Neo Lithium on Friday. 

Zijin Mining Group and  Neo Lithium have entered into a definitive agreement in which Zijin Mining has agreed to acquire all of the outstanding shares of Neo Lithium at an offer price of 6.50 Canadian dollars per share in cash, said the news release. 

The offer price represents a premium of approximately 36 percent over Neo Lithium's 20-day volume-weighted average price as at October 8, 2021 on the TSX Venture Exchange (TSXV). The total cash consideration for all of the outstanding equity of Neo Lithium is approximately 960 million Canadian dollars. 

Zijin is committed to retaining the current management and professional team at LIEX S.A., Neo Lithium's local operating subsidiary, as well as making contributions to economic and social developments for Catamarca province, Argentina, as it moves forward to advance the development of the 3Q project.

Full details of the transaction will be included in Neo Lithium's management information circular, which is expected to be mailed to shareholders in November 2021 with the shareholders meeting expected to take place in December 2021, and the transaction is expected to close in the first half of 2022, according to the release. 

The acquisition deal, if completed, means that Zijin Mining will officially set foot in the field of new energy. 

Zijin Mining, based in China's Fujian Province, is a leading global mining company specializing in gold, copper, zinc and other mineral resource exploration and development. (Edited by Hu Pingchao with Xinhua Silk Road, hupingchao@xinhua.org)

Scan the QR code and push it to your mobile phone

Keyword: Zijin Mining

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial