The recent flurry of Chinese investments into the burgeoning lithium sector is set to continue. Junior explorer MetalsTech is the latest to come on to China’s radar.
Shenzen-listed Wuxi Baichuan Chemical Industrial Co will spend $1.8 million taking a 10 per cent stake in MetalsTech, and the two companies will work together to find another 5 per cent position on market over the coming three months.
The investment from Wuxi Baichuan Chemical is part of a broader $2.5m equity raising by MetalsTech, which has a portfolio of lithium prospects in the Canadian province of Quebec.
Wuxi Baichuan makes chemicals for use in lithium-ion batteries and is among a number of Chinese groups looking to put their feet on sources of raw material. MetalsTech is also now planning to spin out its cobalt prospects in Ontario into a new vehicle called iCobalt in an attempt to capitalise on investor interest in one of the key commodities needed for the electric vehicle revolution.
The head of MetalsTech is Russell Moran, the co-founder of one-time anthracite success story Atrum Coal. Atrum was the best-performed IPO of its year before it ran into turbulence and parted ways with Mr Moran.
Alto Capital is the lead manager to the raising
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