Tianqi Lithium Corp.’s rush to dominate supply of lithium -- the metal that’s key for batteries to power electric cars and back up renewable energy -- has ended in the selldown of its majority stake in the world’s most coveted mine, a blow to China’s ambitions to exert control across the supply chains required for an electrified future.
The company agreed to a $1.4 billion deal to sell a 49% stake in an Australian unit to Perth-based IGO Ltd., a producer of battery materials including nickel and cobalt. That will give the local firm a share in Greenbushes, a more than 130-year-old former tin mine that’s now the top global source of lithium.
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