Lithium Chile regrets losing \u0027an incredible shareholder,\u0027 COO says
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Chengze Lithium International Ltd. had purchased a 19.4 per cent stake in Lithium Chile, making it one of the Calgary-based company’s largest shareholders. Chengze sold its shares to Gator Capital Ltd., a Toronto-based firm that focuses on investment consulting and asset management. The transaction was completed for about $34.5 million, or 91 cents per share.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
In November, Prime Minister Justin Trudeau’s government ordered three Chinese companies, including Chengze, to divest their investments in Lithium Chile andThe government justified the surprise move by saying it was important to ensure Canada remained in control of critical minerals such as lithium, nickel and copper, which are used in electric vehicles and are currently in high demand as nations look to meet their climate goals.
Lithium Chile does not own any Canadian assets. It runs its properties through South American subsidiaries in Chile and Argentina and is currently developing them into producing mines. The company’s chief executive, Steve Cochrane, thanked Chengze for its support in a press release and said that the new investment “recognizes the inherent value” in Lithium Chile’s assets.for its Chinese investor, Sinomine Rare Metals Resources Co., through Australia’s Winsome Resources Ltd. in December.
In January, Toronto-based TMX Group Inc., which runs the S&P/TSX composite index and TSX Venture Exchange that are home to about half of the world’s publicly listed miners, said that Ottawa’s decision to order three Chinese companies to divest their stake created “concern and uncertainty” among miners listed on the indices.Article content
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