Australian Lithium Miner to Go Public with Merger

A unit of Australian miner European Lithium has agreed to go public on Nasdaq via a merger with blank-check company  Ltd. has agreed to go public on Nasdaq through a merger with special purpose acquisition company Sizzle. With the merger, the combined business, Critical Metals Corp, will have a market value of around $972 million. It will take ownership of European Lithium’s project in Austria, which could be the first licensed lithium mine in Europe.

European Lithium announced a deal in August with German automotive giant BMW to supply battery grade lithium hydroxide. It hopes to add more customers in the region, including electric vehicle (EV) manufacturers and battery makers.

“The project is poised to become the first major source of battery-grade lithium concentrate in Europe, the world’s leading EV market, capable of supporting the production of approximately 200,000 EVs per year,” Critical Metals Executive Chairman Sage said in a statement. “We believe we will be able to achieve our commercial goals by 2025.”

Lithium demand is projected to triple in mid-decade from last year’s level. Western nations have been scrambling to create alternative supply chains for critical materials like lithium and rare-earths, the processing of which is dominated by China.

European Lithium said it expects its Austria mine to supply approximately 10,500 metric tons of lithium concentrate annually by 2025.

Sizzle, a special purpose acquisition company, raised $155 million in a November 2021 initial public offering. As its biggest shareholder, European Lithium plans to nominate four of the five board members of the combined business. The deal could be completed in the first half of 2023.

Australian-listed Security Matters Ltd. struck a deal with a U.S. special purpose acquisition company in July, in part to obtain a Nasdaq listing.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Power Cuts, Rationing Could Hit Europe’s Mobile Network This Winter

Mobile networks across Europe could stop working this winter, affected by possible power cuts or rationing. Moscow’s decision to halt gas supplies to Europe following Russia’s invasion of Ukraine and subsequent Western sanctions has increased the chances of power shortages across the continent. In France, the situation has become even worse after several nuclear plants have shut down for maintenance. Telecommunications industry officials say they fear a harsh winter could put their infrastructure in jeopardy, forcing the industry and the government try to mitigate the impact. 

The Search for Nickel Goes on As Demand Will Continue to Grow

Australian mining companies continue their search for new nickel reserves, as the demand for the battery metal has much more room to grow with the world keeps moving toward cleaner sources of energy and more batteries are needed for electric vehicles (EVs) and to store energy. While lithium has been on the spotlight for many years, much more of nickel is needed than lithium in a battery, although there are a variety of batteries made with different metal compositions.  

Canada to Ban Huawei and ZTE from 5G Network

Canada said it plans to ban the use of China’s Huawei and ZTE 5G gear over national security concerns, joining the other nations of the “Five Eyes” alliance of intelligence sharing. Industry Minister Champagne announced the decision to reporters on Thursday, adding the providers that own equipment from those companies would be required to cease their use and remove them. 

Stay informed

error: This content is protected !!