Albemarle has become the biggest shareholder in the explorer just three weeks after Patriot weathered a short-seller attack.
Albermarle’s backing further distances Patriot from a short-seller attack.Rio Tinto chief executive Jakob Stausholm would like to mine lithium in Canada and is looking at possible “entries”, as US lithium major Albemarle swooped on a 6.4 per cent stake in ASX-listed Canadian lithium explorer Patriot Battery Metals.
His comments came after New York-listed Albemarle paid $C109 million for the stake in Patriot, making the US giant the biggest shareholder in the explorer just three weeks after Patriot weathered “I wouldn’t mind having lithium production in Canada, but that doesn’t mean you necessarily need to home-in on a single opportunity,” Mr Stausholm said.
Patriot told the market on Monday it was sitting on the “eighth largest” hard rock lithium reserve in the world, but that was not enough to impress Canadian or Australian investors. It has a primary Toronto Stock Exchange listing and CHESS depositary interests traded on the ASX.On Monday, its ASX securities fell 6.7 per cent, and Canadians wiped 8 per cent off the share price in Toronto. That was reversed by news of Albemarle’s $C109 million purchase at $C15.29 apiece.
Patriot branded the report “misleading” and forcefully rejected claims of stock and reserve manipulation. Ahead of the explorer’s formal response to the report, Patriot chairman Ken Brinsden toldHe, too, dismissed the substance of the short report, saying: “I just think some of what they have said is pretty frustrating, a bit outrageous and inconsistent with the facts we have presented to our investors.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX 200 LIVE: RBA leaves interest rates at 4.1pc, flags more tighteningShares advance; $A rebounds through US67¢; Credit Corp posts profit drop; Albemarle buys into Patriot Battery Metals. Follow updates here.
Read more »
ASX 200 LIVE: ASX to rise, RBA decision pending; Credit Corp profit dropsShares advance; $A rebounds through US67¢; Traders split on RBA; statement at 2.30pm; Credit Corp posts profit drop; Albemarle buys into Patriot Battery Metals. Follow updates here.
Read more »
Why this 15pc share price plunge is good for the economyOPINION: Investors punished distressed lender Credit Corp after it revealed good news for the rest of us. The number of Australians who can’t pay their bills is hardly rising.
Read more »
Noise travels fast: Flight paths to change for different days of the weekAircraft would use alternate flight paths over Brisbane on different days under a proposal to share the burden of noise.
Read more »
Labor have done a ‘good job’ saving the Great Barrier Reef but ‘it’s not enough’The Albanese government has done a “good job” of restoring the health of the Great Barrier Reef but 'it's not enough', says Australian Marine Conservation Society's Lissa Schindler. “They have taken positive steps … the ALP have strengthened their climate policy – it’s not enough,” Ms Schindler told Sky News Australia. “They need to go higher, they need to really be aiming for emission reduction targets of 75 per cent by 2030, not 43 per cent. “We need to be limiting global warming to 1.5 degrees across the globe and Australia needs to do its fair share in doing this, especially as a developed nation.”
Read more »
ASX 200 LIVE: RBA leaves interest rates at 4.1pc, flags more tighteningShares advance; $A rebounds through US67¢; Credit Corp posts profit drop; Albemarle buys into Patriot Battery Metals. Follow updates here.
Read more »