Over in lithium land (ORE-Toyota deal), people are puzzled as to why ADY sold its lithium resources in Argentina, apparently for a song. My understanding follows.
In 2008, to reduce debt, Admiralty Resources (ADY)tried to sell its Argentinian lithium interests (Rincom Lithium) for $36.3 million, $25.7 million of which to be used to pay off debt and the remainder to finance its iron ore operations.
However, the buyer (Charge Resources Pty Ltd) pulled out. Eventually in 2009, Rincon was sold to a Cayman Island private equity group, The Sentient Group. The story seems to peter out there.
So, for a pittance, ADY sold off one of the largest lithium deposits! Seems like the masterstroke of the last century, especially as lithium batteries were in the news, and now with the ORE-Toyota gamechanger!
Surely, ADY could have raised the money, if even by spliting off the lithium into an IPO?
Am I being fair or do I not understand something? Does anyone know who now know holds the lithium resources, still the PE group or another company?
Over in lithium land (ORE-Toyota deal), people are puzzled as to...
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