SQM - Azure Minerals rejects SQM's $585M takeover offer

2023-08-15 09:22:11 ET

Australian lithium developer Azure Minerals ( OTCPK:AZRMF ) said Tuesday it rejected a buyout bid from Sociedad Química y Minera de Chile ( NYSE: SQM ) that valued the company at A$901.4M (~US$584.7M).

Azure Minerals, which owns a ~60% stake in the Andover lithium prospect in Australia's Pilbara region, said it rejected the offer in light of the project's increasing potential.

SQM ( SQM ), which is developing the A$1.9B Mt Holland lithium project in Western Australia, acquired an initial 19.99% stake in Azure for A$20M in March.

An exploration target of 100M-240M metric tons, grading at 1%-1.5% lithium oxide has previously been estimated.

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