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IGO closes $1.4bn JV deal for Tianqi’s Australian lithium assets

The JV will be exclusive vehicle of IGO and Tianqi for lithium investments outside China.

Australian mining company Independence Group (IGO) has finalised the $1.4bn joint venture (JV) deal with China’s Tianqi Lithium for a stake in the latter’s Australian assets.

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The two parties signed a binding agreement for the stake acquisition in December 2020.

Under the contract, they have established a new globally focused lithium JV, which will be the firm’s exclusive vehicle for lithium investments outside China.

IGO and Tianqi respectively have 49% and 51% stakes in the JV.

The JV will initially focus on the existing upstream and downstream lithium assets in Western Australia.

This includes a 51% stake in the Greenbushes Lithium Mine in partnership with lithium company Albemarle holding the remaining 49% interest.

The JV also includes a 100% owned and operated interest in the fully automated Kwinana lithium hydroxide refinery.

The refinery will be equipped to produce battery-grade lithium hydroxide from high-quality spodumene concentrate sourced from the Greenbushe mine.

IGO managing director and CEO Peter Bradford said: “Our new partnership with Tianqi promises to be truly transformational for IGO and delivers on our strategy focused on the clean energy revolution.”

Tianqi founder and chairman Jiang Weiping said: “Our new joint venture is ideally positioned in this market with quality upstream and downstream assets capable of generating strong financial returns for both IGO and Tianqi.”

The Kwinana plant is planned to commence production in the second half of 2021.

The partners have started restart and ramp-up of Greenbushes Chemical Grade Plant 2 while commissioning of the tailings retreatment project is slated in early 2022.

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img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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