Perth based Corporate partner Liz Humphry, together with senior associate Georgia Mazzega and lawyers Tashreen Tourabaly and Tess Dillon, advised on the deal.
Under the scheme, Tianqi will pay A$0.50 cash per Essential Metals share, valuing Essential Metals at approximately A$136 million. The newly announced scheme is subject to a number of conditions, including approval by Essential Metals shareholders at a general meeting expected to be held in April.
TLEA is an incorporated joint venture owned by Tianqi Lithium Corporation (51%), a global energy materials company listed on the Shenzhen and Hong Kong Stock Exchanges, and IGO Limited (ASX: IGO) (49%), a mining and processing company which produces metals critical for clean energy.
TLEA owns an integrated lithium business, including a 51% interest in the Greenbushes Lithium Operation and 100% of the Kwinana Lithium Hydroxide Refinery, both located in Western Australia. Amongst other projects, Essential Metals owns 100% of the Pioneer Dome Lithium Project. The scheme supports TLEA’s strategic focus on lithium projects in Western Australia and strengthens its world-class asset portfolio, which includes the largest lithium mine in the world.
Commenting on the firm’s role, Liz Humphry said:
We are very pleased to have advised our long-term client Tianqi on this exciting acquisition which highlights TLEA’s strategic focus on lithium projects in Western Australia bringing new resources to production. It is fantastic to continue to work with Tianqi and we extend our congratulations on this transaction.
