There is a new target on Mineral Resources’ radar, as Albemarle weighs up its next move after walking away from Liontown.
Chris Ellison’s Mineral Resources has turned its attention to a new lithium target with links to the company’s chairman, located near the prolific Wodgina lithium mine jointly owned by MinRes and Albemarle.The Australian Financial ReviewChris Ellison is the managing director of Mineral Resources.
The latest iteration of the MinRes-Albemarle JV was completed on Wednesday. MinRes no longer has any interest in Albemarle’s lithium hydroxide plant in WA, and Albemarle will pay MinRes $US380 million to $US400 million by December as consideration.Wildcat shares closed at 43¢ on Thursday but have been as high at 52¢ since a $5 million capital raising struck at 3.5¢ a share in May as part of the Tabba Tabba acquisition.
Mr Ellison has previously said MinRes will seek to consolidate lithium assets in WA and taken several steps in that direction since pulling out of a billion-dollar commitment to invest alongside Albemarle in their lithium hydroxide JV in China. The Bald Hill mine is about 80 kilometres from Liontown’s undeveloped Buldania lithium project and south-east of where MinRes operates the Mount Marion mine in partnership with China’s Ganfeng.
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