Lithium Chile regrets losing \u0027an incredible shareholder,\u0027 COO says
“The order has been satisfied,” Michelle DeCecco, Lithium Chile’s chief operating officer, said in an emailed statement on Feb. 16. “While we regret the situation has resulted in us losing an incredible shareholder with a valued expertise in lithium brine, we welcome a shareholder who clearly sees the value of our company, paying a premium to market for our shares.”Article content
In November, Prime Minister Justin Trudeau’s government ordered three Chinese companies, including Chengze, to divest their investments in Lithium Chile andThe government justified the surprise move by saying it was important to ensure Canada remained in control of critical minerals such as lithium, nickel and copper, which are used in electric vehicles and are currently in high demand as nations look to meet their climate goals.
Lithium Chile does not own any Canadian assets. It runs its properties through South American subsidiaries in Chile and Argentina and is currently developing them into producing mines. The company’s chief executive, Steve Cochrane, thanked Chengze for its support in a press release and said that the new investment “recognizes the inherent value” in Lithium Chile’s assets.for its Chinese investor, Sinomine Rare Metals Resources Co., through Australia’s Winsome Resources Ltd. in December.
In January, Toronto-based TMX Group Inc., which runs the S&P/TSX composite index and TSX Venture Exchange that are home to about half of the world’s publicly listed miners, said that Ottawa’s decision to order three Chinese companies to divest their stake created “concern and uncertainty” among miners listed on the indices.Article content
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