Pilbara bailed out by CATL
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...