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Pilbara bailed out by CATL

Posted on - 10 Oct 2019

Category - News & Views

Despite being forced into an emergency fundraising, Pilbara Minerals (ASX:PLS) CEO Ken Brinsden came out smelling of roses as he welcomed Chinese battery manufacturer CATL (SHE:300750) in as a strategic 8.5% shareholder. CATL bought its stake for A$55m (US$38m) valuing Pilbara at US$62.9/tonne of LCE, a material discount to recent transaction multiples for hard rock projects, but probably not a surprise given the distressed nature of the raising. CATL has additionally indicated a willingness to help the company out by purchasing spodumene concentrate product. Given the nature of Pilgangoora as one of the few truly world-class hard rock assets in...

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CATL Lithium M&A Pilbara Minerals Spodumene