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Under the deal, the Hancock-SQM consortium will acquire the Perth-based, ASX-listed company for A$3.70 per share, a significant premium on its last traded price of A$3.30. It values the miner at A$1.7 billion .
The transaction is subject to approval by the Supreme Court of Western Australia and is expected to close on May 2, Azure said in a statement to the stock exchange on Monday. Prior to making a significant lithium discovery at what was first thought to be a nickel-copper-cobalt deposit in northern Western Australia, Azure’s shares had traded as low 4.8 cents.
Australia’s lithium industry has seen a frenzy of mergers and acquisitions over the last 12 months, despite a crash in lithium prices, due to the long-term role of the critical battery metal in the energy transition.Rio Tinto promotes copper boss Bold Baatar to commercial chief Baatar's role in the expansion of Oyu Tolgoi and the $6.2bn Simandou iron ore project highlights his suitability for the CEO post.Talks between the two sides on a trade pact collapsed last year with Canberra unhappy over access to EU markets for its farm goods.Research shows that the Dry Andes region of Chile, Argentina and Bolivia is more sensitive than previously thought to environmental change and human activities such as mining.
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