Billionaire Chris Ellison grabbed a 19.9 per cent stake in the lithium explorer as deal frenzy continues in WA.
Billionaire Chris Ellison’s Mineral Resources has snared a 19.8 per cent stake in a new lithium target with links to MinRes chairman James McClements.revealed ten days ago it was targeting the West Australian explorer with ground near the Wodgina lithium mine jointly owned by MinRes and Albemarle.MinRes paid $158.7 million for a block of shares traded by Mr McClements’ private equity firm, Resource Capital Funds, and RCF-controlled Global Advanced Metals.
At the time, the shares were valued at about $6.5 million. Global Advanced also received performance share rights and a 0.75 per cent gross revenue royalty on any lithium sold from Tabba Tabba.Wildcat’s market capitalisation was just $19 million in May, but excitement around Tabba Tabba exploration work and speculation about MinRes’ intentions took it to $900 million.
MinRes purchased Wodgina from Global Advanced in 2016 for an amount considered immaterial and never disclosed. MinRes went on to sell a half share in Wodgina to Albemarle for about $1.6 billion in 2018.And Global Advanced sold what is now the Pilgangoora mine to Pilbara Minerals in 2014.
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