Eramet Buys Out Tsingshan From Argentina Lithium Project [Financial Post (Toronto, Ontario, Canada)]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — French miner Eramet SA will buy back Tsingshan Holding Group Co.'s stake in an Argentinian lithium project, marking a rare retreat for the Chinese conglomerate from an expansion beyond its core nickel business. Eramet will buy out the Chinese stainless steel conglomerate's 49.9% interest in Eramine Sudamerica assets, the company said in a statement on Thursday. The purchase will have a $699 million net cash impact, the miner said, without giving further details. The move comes amid a slump in lithium prices that is affecting the sector at large. Earlier this month, Rio Tinto Plc agreed to buy Arcadium Lithium Plc for $6.7 billion, its biggest purchase in almost two decades. In August, Australia's Pilbara Minerals Ltd. took over a project in Brazil, marking its first international expansion. For Tsingshan — the world's top nickel producer — the s
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