By Rhiannon HoyleAustralian miner IGO Ltd. on Monday said the joint venture it owns with Tianqi Lithium Corp. has agreed to buy Essential Metals Ltd., in a deal that values the explorer's equity at 136 million Australian dollars (US$94 million). Tianqi Lithium Energy Australia--which is 51% owned by Tianqi and 49% by IGO--will pay A$0.50 a share in cash for Essential Metals, a 36% premium to the stock's volume-weighted average price, IGO said. The board of Essential Metals, which owns the Pioneer Dome lithium project in Western Australia, has unanimously recommended that shareholders vote in favor of the deal, said IGO. Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

Source: Wall Street Journal January 08, 2023 21:35 UTC