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© Konstantin Semenov Dreamstime Components | September 29, 2021

CATL acquires Millennial Lithium

Chinese battery maker Contemporary Amperex Technology (CATL) has agreed to acquire Millennial Lithium Corp for USD 297.3 million.

Millennial Lithium also said that CATL has reimbursed it for the termination fee of USD10 million paid to Ganfeng, which had until Monday to match the higher bid but decided against it. CATL believes that the acquisitionwill secure a stable long-term supply of lithium. Milliennial is not the first such acquisition for CATL. The company, which is supplier to a number of car manufacturers, also holds stakes Neo Lithium Corp, North American Nickel and Pilbara Minerals. In April 2021, CATL announced it had agreed to take a stake in the Kisanfu mine, a major source of battery metal cobalt, in the Democratic Republic of Congo for USD 137.5 million.
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October 14 2021 5:14 pm V18.25.1-2