Briefing

Millennial Lithium gets bid from another potential buyer and this time, it’s Canadian

Vancouver’s Lithium Americas is offering US$400 million, which Millennial has deemed superior to a $377-million bid from China-based battery maker Contemporary Amperex Technology (CATL), which was announced in September. (The Logic)

Briefing

Millennial Lithium gets bid from another potential buyer and this time, it’s Canadian

By Anita Balakrishnan

Nov 1, 2021

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Talking point: The race to secure battery minerals for electric vehicles may leave behind a boulevard of broken deals. CATL has already reimbursed Millennial US$10 million for a termination fee, after breaking up its deal with Ganfeng Lithium. For regulators, Lithium Americas’ Canadian headquarters could be a boon for potential strategic stockpiling. Innovation, Science and Economic Development Canada has not said whether the Millennial-CATL deal is under review, but lithium is considered a critical mineral for Canada. While Millennial’s two projects are in South America, Canada’s domestic mineral supply is a live political issue. Ontario’s Economic Development Minister Vic Fedeli warned the Biden administration last week that incentives favouring American-made EVs ran counter to Canada’s cooperation in supplying battery minerals.

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