In an interesting turn of events, Rockwood Holdings and Chengdu Tianqi Industry Group have formed a joint venture, resulting in Rockwood gaining a 49 percent stake in Australia-based Talison Lithium.
Articles Tagged "NYSE:ROC"
With summer now officially over and Q4 capping off its first week, here's a look at some lithium companies that have started the latest quarter on a high note.
In 1817, Johann Arfwedson discovered a soft, silver-white metal while working in a laboratory under his mentor in Sweden. Today, the element is used for pharmaceutical, technological and heat-resistant glass and ceramics.
Researchers from the University of Wyoming Carbon Management Institute have stumbled upon what they believe is a “vast, new lithium resource.” Preliminary reports show that the deposit hosts 228,000 tons of lithium, enough to meet all US demand.
Nemaska Lithium's president and CEO, Guy Bourassa, discusses the Whabouchi deposit and the emerging market of lithium hydroxide for the rechargeable battery industry.
The acquisition of Talison Lithium by a privately owned Chinese firm with state-owned affiliates was completed on March 26, giving the Asian powerhouse control over one-third of global lithium supply.
Mineweb reported that Rockwood Holdings Inc. (NYSE:ROC), whose plan to buy Talison Lithium Ltd. (TSX:TLH) was derailed by Chengdu Tianqi Industry Group Co. Ltd. late last year, has not yet reallocated the funds it had planned to use for the purchase. Further, it has no plans to do so until Chengdu Tianqi's deal is a "sure thing."
Talison Lithium Ltd. (TSX:TLH) announced that after finishing discussions with a wholly-owned subsidiary of Chengdu Tianqi Industry Group Co. Ltd., it has agreed to allow Tianqi to acquire the balance of ordinary Talison shares that it does not already own. The decision means that Tianqi's bid was deemed more favorable than the one put forward by Rockwood Holdings Inc. (NYSE:ROC).
Most in the lithium industry had accepted the idea that Rockwood's all-cash bid for Talison Lithium would stick — but earlier this week, Chengdu Tianqi Industry Group of China submitted what may be a superior bid.
Bloomberg reported Chengdu Tianqi Industry Group Co. will make an offer for Talison Lithium Ltd. (TSX:TLH) to exceed Rockwood Holdings Inc.'s (NYSE:ROC) bid.