April 20, 2021 |
Australian lithium producers Orocobre and Galaxy Resources agreed Monday to merge their businesses in a AUD4 billion ($3.1 billion) deal that would create one of the world's top-five lithium chemicals producers with a head office in Argentina, as demand for the silvery-white metal grows with more use of electric vehicles (EVs).
Orocobre will own 54.2% of the new company and Galaxy the remaining 45.8%, according to a joint statement. The deal is expected to close in July or August.
Orocobre and Galaxy plan to create a leading global lithium producer with a head office in Argentina