Big month for M&A in Ni and Li
May saw Ganfeng Lithium's bid for AIM-listed Bacanora Lithium. Given that clay is still a somewhat untested entity, it looks like a reasonable price, although it is still some way off Bacanora’s highs of 2018. At US$52/resource tonne of LCE, it’s just below the prices that GFL paid for its shares in Cauchari-Olaroz in 2019 and 2020, and above the price that SQM paid for its stake in the Earl Grey hard rock project in 2017. We also saw First Quantum’s sale of a stake in Ravensthorpe which values the operation at US$800m. It doesn’t look like the world’s best price, offering...