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acquisition","pilbara-minerals-diversifies-lithium-portfolio-with-latin-resources-acquisition","article/pilbara-minerals-diversifies-lithium-portfolio-with-latin-resources-acquisition",{"_uid":547,"date":548,"tags":549,"editor":574,"content":584,"excerpt":821,"featured":51,"reporter":822,"_editable":826,"component":827,"seo_title":543,"categories":828,"visibility":834,"author_company":49,"featured_image":835,"seo_description":821,"author_full_name":49,"author_job_title":49,"formattedDate":841,"formattedArticleDate":842},"de7025e8-599f-4c91-b1bc-bbc5aa84ce4b","2024-08-16 00:00",[550,553,556,559,562,565,568,571],{"slug":551,"name":552},"argentina","Argentina",{"slug":554,"name":555},"brazil","Brazil",{"slug":557,"name":558},"latin-resources","Latin Resources",{"slug":560,"name":561},"lithium-prices","Lithium prices",{"slug":563,"name":564},"ma","M&A",{"slug":566,"name":567},"pilbara-minerals","Pilbara Minerals",{"slug":569,"name":570},"site-visit","Site 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He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":585,"content":586},"doc",[587,594,609,614,627,632,637,644,673,678,690,695,704,709,714,719,724,737,750,755,760,773,778,783,796,806,811,816],{"type":588,"attrs":589,"content":590},"paragraph",{"textAlign":49},[591],{"text":592,"type":593},"Australian lithium producer Pilbara Minerals is set to acquire Latin Resources through an all-share deal worth $369 million dollars, the company announced on 15 August.","text",{"type":588,"attrs":595,"content":596},{"textAlign":49},[597,599,607],{"text":598,"type":593},"Pilbara Minerals is the second largest lithium hard rock miner operating globally, according to ",{"text":600,"type":593,"marks":601},"Benchmark’s Lithium Forecast",[602],{"type":603,"attrs":604},"link",{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://www.benchmarkminerals.com/lithium/data-reports/forecast/","url",{"text":608,"type":593},", with Pilganoora in Western Australia as its biggest asset. The acquisition will boost Pilbara’s mineral resources by around 20%.",{"type":588,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":593},"The deal increases the geographic diversity of Pilbara’s portfolio through the addition of Latin Resources’ flagship Salinas hard rock mine in the Minas Gerais region of Brazil. Pilbara says this will increase its access to markets outside of Asia which its current operations target.",{"type":588,"attrs":615,"content":616},{"textAlign":49},[617,619,625],{"text":618,"type":593},"“This is a strategic fit,” ",{"text":620,"type":593,"marks":621},"Cameron Perks",[622],{"type":603,"attrs":623},{"href":624,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-is-the-state-of-the-australian-lithium-market",{"text":626,"type":593},", product director for lithium at Benchmark, said. “It allows them to target European and North American markets, at a time when conversion facilities like Tesla’s Corpus Christi lithium refinery project would have already come online.”",{"type":588,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":593},"In addition to being a strategic fit, Perks noted that the acquisition adds resources to Pilbara’s portfolio, rather than focusing on downstream processing to service their existing operations.",{"type":588,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":593},"Acquiring Latin Resources whilst the Salinas mine is still in development will allow Pilbara to leverage its expertise and have meaningful input into the design of the Salinas mine.",{"type":638,"attrs":639,"content":641},"heading",{"level":640,"textAlign":49},4,[642],{"text":643,"type":593},"The deal is counter-cyclical",{"type":588,"attrs":645,"content":646},{"textAlign":49},[647,649,655,657,663,665,671],{"text":648,"type":593},"Pilbara’s purchase of Latin Resources comes at a time when ",{"text":650,"type":593,"marks":651},"lithium prices",[652],{"type":603,"attrs":653},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/article/chinese-lithium-hydroxide-prices-fall-below-rmb-80000-for-the-first-time-in-over-three-years",{"text":656,"type":593}," are at a ",{"text":658,"type":593,"marks":659},"low point in the price cycle",[660],{"type":603,"attrs":661},{"href":662,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/article/liontowns-kathleen-valley-produces-first-spodumene-concentrate-amid-uncertain-market-conditions",{"text":664,"type":593},". Spodumene (FOB Australia, 6%) is currently trading at $930 per tonne, down 71.38% from this time last year, according to ",{"text":666,"type":593,"marks":667},"Benchmark’s Lithium Price Assessment",[668],{"type":603,"attrs":669},{"href":670,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://www.benchmarkminerals.com/lithium/lithium-prices/table/",{"text":672,"type":593},".",{"type":588,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":593},"“Usually companies talk big when prices are low but never act,” Perks said.",{"type":588,"attrs":679,"content":680},{"textAlign":49},[681,683,688],{"text":682,"type":593},"The low prices are partly attributable to ",{"text":684,"type":593,"marks":685},"surplus supply relative to demand",[686],{"type":603,"attrs":687},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":606},{"text":689,"type":593},". This is forecast to remain the case for a few more years, which overlaps with the 2026 commissioning target Latin Resources has for the Salinas project.",{"type":588,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":593},"“Pilbara are obviously committed to the underlying fundamentals and may actually add credibility to a 2026-27 timeline,” Perks said. “Pilbara is well funded, they know how to mine, and Minas Gerais is a good jurisdiction.”",{"type":588,"attrs":696,"content":697},{"textAlign":49},[698],{"type":699,"attrs":700},"image",{"id":49,"alt":701,"src":702,"title":49,"source":49,"copyright":49,"meta_data":703},"Spodumene prices have fallen 72% year-on-year","https://a.storyblok.com/f/287943243085208/9c665f537a/bm-spod-price-chart.png",{},{"type":638,"attrs":705,"content":706},{"level":640,"textAlign":49},[707],{"text":708,"type":593},"The deal increases geographical diversity",{"type":588,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":593},"Pilbara operates two lithium mines. Both are located in Western Australia with China’s Ganfeng Lithium holding 6% stakes in each.",{"type":588,"attrs":715,"content":716},{"textAlign":49},[717],{"text":718,"type":593},"The largest of Pilbara’s mines is the Pilgangoora mine which began operating in 2018 with a nameplate capacity of 57,000 tonnes LCE per year. Pilbara has plans to increase capacity at the mine by 96,000 tonnes LCE per year through three expansion phases between 2024 and 2029.",{"type":588,"attrs":720,"content":721},{"textAlign":49},[722],{"text":723,"type":593},"Pilbara’s second mine is Ngungaju which it took out of care and maintenance when it bought it in 2021 from Altura Mining. The mine originally began operating in 2018 with a nameplate capacity of 30,000 tonnes LCE per year.",{"type":588,"attrs":725,"content":726},{"textAlign":49},[727,729,735],{"text":728,"type":593},"Pilbara has ",{"text":730,"type":593,"marks":731},"offtake agreements with Ganfeng",[732],{"type":603,"attrs":733},{"href":734,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/article/ganfeng-doubles-pilbara-offtake-and-ups-mali-mine-stake-in-bid-for-spodumene",{"text":736,"type":593}," and South Korea’s Posco, highlighting the access the miner has to the Asian market. With the latter, Pilbara has a lithium hydroxide joint venture in South Korea.",{"type":588,"attrs":738,"content":739},{"textAlign":49},[740,742,748],{"text":741,"type":593},"The acquisition of Latin Resources will enable Pilbara to increase the geographical diversity of its operations through Latin Resource’s Salinas mine in Brazil and the ",{"text":743,"type":593,"marks":744},"Catamarca mine in Argentina",[745],{"type":603,"attrs":746},{"href":747,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/article/argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives",{"text":749,"type":593},". The latter is one of the few known hard rock deposits in the country.",{"type":588,"attrs":751,"content":752},{"textAlign":49},[753],{"text":754,"type":593},"The Salinas project is of particular interest due to the location and quality of the resource given the coarse grain.",{"type":588,"attrs":756,"content":757},{"textAlign":49},[758],{"text":759,"type":593},"“The deposit is of very good geological characteristics, and the government is set to push the lithium agenda forwards,” Federico Gay, principal lithium analyst at Benchmark, said.",{"type":588,"attrs":761,"content":762},{"textAlign":49},[763,765,771],{"text":764,"type":593},"Latin Resources also has a copper project in ",{"text":766,"type":593,"marks":767},"Peru",[768],{"type":603,"attrs":769},{"href":770,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/video/watch/south-america-lithium-keynotes-romulo-mucho-mamani-minister-of-energy-government-of-peru",{"text":772,"type":593}," and a very early-stage halloysite-kaolin project in Australia, further boosting the diversification benefits the acquisition can bring to Pilbara.",{"type":638,"attrs":774,"content":775},{"level":640,"textAlign":49},[776],{"text":777,"type":593},"Brazil’s lithium industry",{"type":588,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":593},"In 2022, then Brazilian President Jair Bolsonaro deregulated imports and exports of lithium as part of the broader National Mining Plan 2050. This boosted lithium mining in the country, especially in the Jequitinhonha Valley within the state of Minas Gerais.",{"type":588,"attrs":784,"content":785},{"textAlign":49},[786,788,794],{"text":787,"type":593},"Sigma Lithium Resources’ Grota do Cirilo mine is in the state. It is ",{"text":789,"type":593,"marks":790},"Brazil’s largest lithium mine",[791],{"type":603,"attrs":792},{"href":793,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/article/brazil-set-to-double-share-of-lithium-mining-this-decade-as-sigma-accelerates-plans",{"text":795,"type":593}," and came online last year with a nameplate capacity of over 36,000 tonnes LCE per year, with plans for expansion. The state is also home to AMG’s Mibra mine and CBL’s Mina do Cachoeira.",{"type":588,"attrs":797,"content":798},{"textAlign":49},[799,801,805],{"text":800,"type":593},"Salinas is forecast to be the second largest lithium mine in Brazil by 2030 and is expected to be competitive on cost, according to ",{"text":600,"type":593,"marks":802},[803],{"type":603,"attrs":804},{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":606},{"text":672,"type":593},{"type":588,"attrs":807,"content":808},{"textAlign":49},[809],{"text":810,"type":593},"“The surge in exploration and investment has transformed the Jequitinhonha Valley, once dubbed the ‘Valley of Misery’ into the ‘Valley of Hope’ as new jobs and infrastructure projects begin to uplift the region,” Gay said.",{"type":588,"attrs":812,"content":813},{"textAlign":49},[814],{"text":815,"type":593},"Earlier this year, Gay visited the Valley to engage with representatives of Brazil’s lithium industry including Latin Resources.",{"type":588,"attrs":817,"content":818},{"textAlign":49},[819],{"text":820,"type":593},"“The mood was cautiously optimistic, particularly with a long-term perspective,” he said. “All company representatives emphasised the high standards being maintained in social and environmental sectors and the positive social impact of mining activities in the region.”","Australian lithium producer Pilbara Minerals is set to acquire Latin Resources through an all-share deal worth $369 million dollars, the company announced on 15 August. Pilbara Minerals is the second largest lithium hard rock miner operating globally, according to Benchmark’s Lithium Forecast, with Pilganoora in Western Australia as its biggest asset. The acquisition will boost […]",[823],{"slug":576,"name":577,"content":824},{"job_title":579,"image":825,"bio":582,"linkedin":583},{"filename":581},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"de7025e8-599f-4c91-b1bc-bbc5aa84ce4b\", \"id\": \"\"}-->","article",[829,832],{"slug":830,"name":831},"critical-minerals","Critical Minerals",{"slug":833,"name":8},"lithium","private",{"id":49,"alt":836,"name":837,"focus":837,"title":836,"source":837,"filename":838,"copyright":837,"fieldtype":839,"meta_data":840,"is_external_url":51},"Photo of the Salinas project by Latin Resources","","https://a.storyblok.com/f/287943243085208/21cfbaee5b/bm-latin-resources-salinas.jpg","asset",{"alt":836,"title":836,"source":837,"copyright":837},"Aug 16, 2024","16th August 2024",[],[],1784633805716]