On the right side came the operation of SQM and Hancock Prospecting to take over the Azure lithium mining company in Western Australia, for US$ 900 million. The Foreign Investment Review Board (FIRB) and the Supreme Court of Western Australia authorized the acquisition by SH Mining – the investment vehicle created for this purpose by the Chilean company and the firm linked to Australian millionaire Gina Rinehart – so This Thursday the stock was suspended on the Australian Stock Exchange.
Following FIRB clearance, Azure said the acquisition plan remained subject to “very limited conditions.”
In addition, the mining company presented this Thursday to the Australian Securities and Investments Commission a copy of the orders issued by the Supreme Court of Western Australia authorizing the operation.
“The plan is expected to be implemented and the plan consideration to be paid to Azure shareholders on Thursday, May 9, 2024”the Australian company reported to the securities authority.
“The plan is now legally effective and trading of Azure shares on the ASX is expected to be suspended from the close of trading today (Thursday 2 May 2024),” the company reported shortly before the shares of Azure Azure were paralyzed on the stock market.
With the legal path clear, Azure shareholders registered in the share registry of this firm at 5:00 p.m. (Perth, Australia time) on Monday, May 6, 2024, “will be entitled to receive 3.70 Australian dollars per Azure share held on the plan registration date in accordance with the terms of the plan,” the company said. “The plan is expected to be implemented and the plan consideration to be paid to eligible Azure shareholders on Thursday, May 9, 2024,” he emphasized.
The interest of SQM and Hancock Prospecting in Azure – which was finalized in an agreement on December 18, 2023 – lies in the fact that their main project, Andover, in the Pilbara area, is emerging as one of the spomudene-type lithium deposits. richest in Australia. This country is the largest lithium producer in the world, followed by Chile.
SQM: everything ready
Meanwhile, the Chilean mining company SQM reported that “with this, all the conditions of the structuring agreement or scheme of arrangement through which the Azure shares will be acquired have been met, this being valid and fully binding for the parties to the transaction. The company expects that the acquisition will materialize no later than May 9, 2024.”
SQM is the largest shareholder of the Australian firm and has 19.4% of the ownership and made, in October 2023, an offer for the remaining 80%. After this announcement, Australian millionaire Gina Rinehart bought 18.3% of Azure shares through Hancock, with the initial purpose of blocking the operation, but she finally ended up allying herself with the Chilean non-metallic miner and signed an agreement in December. past.
Another relevant shareholder of Azure Mineral Resources (linked to businessman Chris Ellison), which has 13.6%.
Azure detailed that “the Tender Offer is not open to further acceptance and all contracts arising from the acceptance of the Tender Offer are now void.”
