"The dynamic is definitely shifting and if it's glaringly obvious to all the analysts then it must be obvious to the battery manufacturers and OEMs too."
Indeed Cat Dog
Major announcements today from BHP and Rio in relation to European Lithium and Nickel. The BIG Miners are ramping up their interest in battery minerals big time
Part of today's article in the Australian.........................BHP and Rio Tinto offer to spend big to expand in nickel and lithium
RESOURCE WRITER- 48 MINUTES AGOJULY 28, 2021
- 1COMMENT
BHP and Rio Tinto have opened the coffers in their respective attempts to muscle in on the global battery metals supply chain, throwing down a combined $3.6bn to capture a slice of the booming demand for batteries and electric vehicles.
But while both are keen to reposition their respective portfolios to capitalise on battery metals demand, the pair are pursuing different strategies.
Rio Tinto confirmed on Tuesday night it has committed $US2.4bn to its Jadar lithium project in Serbia, which the company claims is one of the world’s biggest undeveloped lithium projects.
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BHP has long said it does not see a commercial case for lithium project development, and has instead centred its strategy on nickel.
It said overnight it will challenge Fortescue Metals Group founder Andrew Forrest for control of Canada’s Noront Resources, offering a 70 per cent premium to the company’s last market price in a move to expand its nickel presence beyond its existing Australian Nickel West business.
The $C325m ($350m) offer for Noront has been pitched to entice Dr Forrest to sell his 37 per cent stake in Noront, held through private investment vehicle Wyloo Metals, and abandon his own offer for the company.
The iron ore magnate captured the share of Noront in a deal with Resource Capital Funds in late 2020 and launched a takeover bid in May.
While the BHP offer has the support of the Noront board, it is not yet clear how Wyloo will respond.
Rio, meanwhile, has thrown down a challenge to the government of Serbia to approve its Jadar lithium project in the country, saying it is prepared to spend the $US2.4bn needed to develop the lithium carbonate resource.
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