The Competition Commission of India green-lighted the $4.1 billion deal reached in May between the Canadian potash giant and China’s Tianqi Lithium.
Nutrien Mining News
The country's antitrust regulator is investigating the effects on the market of Chinese miner Tianqi Lithium acquisition of a 24% stake in SQM, the world's second largest lithium producer,
It produced 4,600 tonnes of lithium more than Chile in 2017 boosted mainly by record output at Mt Cattlin and Mt Marion mines.
However, the Canadian Mining Eye index — which tracks the performance of 100 Toronto Stock Exchange and TSX Venture Exchange mid-tier and junior mining companies — dropped 8% in the three months to March 2018.
There is an emerging oligopoly in one of the hottest elements on the periodic table, lithium.
The Asian firm has bought a 24% stake in Chile’s Sociedad Quimica y Minera (SQM), one of the world’s biggest lithium producers.
The world’s largest potash miner said it expected to have an announcement on the matter by the end of June.
Chinese companies continue to aggressively try securing steady supply of lithium, a key ingredient in the making of batteries that power electric cars.
If China’s Tianqi grabs a stake in Chile’s SQM, the world’s lowest cost lithium miner, it would mean the top three producers would control at least 80% of the total market, Chile’s government has said.
Michigan Potash Co. is closer than ever to start building a potash mine in the state.
Rio’s renewed interest in SQM is welcome by the Chilean government, which had expressed concerns about a potential and dangerous concentration in the market should major lithium producers, such as China’s Tianqi, acquire the 32% interest in SQM.
Decision doesn’t mean the miner has abandoned plans to capitalize on the electric-car boom, sources familiar with the matter say.
Chinese firms have shown “broad interest” in buying PotashCorp’s stake in the Chilean lithium producer SQM, according to chief executive Jochen Tilk, who declined to name interested parties or the number of bids the company has received.
The two firms are just the latest names in a long list of companies that includes major players such as Rio Tinto, interested in grabbing a stake in Chile’s Chemical and Mining Society (SQM).
Mining giant is eying the 32% interest in SQM that PotashCorp is selling to fulfill China's regulators condition for the approval of the its friendly merger with smaller rival Agrium.
Rumours point at US chemical company Albenarle Corporation as the first potential buyer for PotashCorp interest in SQM, worth about $4.5 billion.
Move would seek to secure approval for its friendly merger with smaller rival Agrium, creating the world’s largest potash miner worth about $36 billion.
The firm will be world’s largest potash miner and No.2 nitrogen fertilizer producer.