Albemarle/Liontown: US lithium producer willing to pay up down under - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Albemarle/Liontown: US lithium producer willing to pay up down under

If the chemical group’s bid for the Australian company goes ahead, it will be one of the biggest lithium mining deals to date

China’s rapid buildout of electric vehicle battery capacity could itself run out of energy. Capacity will be twice this year’s demand, according to commodity research group CRU. That finding suggests demand for lithium will be more muted than anticipated by bulls. These include US chemicals group Albemarle.

The world’s leading lithium producer is closing in on an all-cash deal for Australia’s Liontown Resources. This is worth A$3 per share or A$6.6bn ($4.3bn) in total. Despite weak spot lithium prices, down 61 per cent this year, Albemarle still had to pay up. Its previous offer in March was A$2.50.

Liontown will now open its books. Albemarle wants Kathleen Valley, the fifth largest hard rock lithium resource in Australia with 5.4mn tonnes. Australia matters to the US producer. It already has large stakes in the first and third largest mines there.

The resource-dependent nation welcomes US lithium investment to balance Chinese interest. In July Australia’s Treasury blocked a takeover by a China-linked shareholder of Alita, a lithium miner in administration.

Albemarle’s shares have done little for two years. Trailing one-year ebitda for its lithium division, which makes 88 per cent of group profits, has decelerated. Profit margins have slipped in recent quarters.

This deal would be the largest lithium mining deal announced to date, according to Dealogic data. But it would not add to cash flow before 2025. That puts the offer price at 16 times consensus ebitda for that year. Larger local rival Pilbara Resources, which is already profitable, trades at a third of that valuation.

Liontown’s shareholders should be pleased. Its own valuation back in late 2021 — when spot lithium prices were similar — put a A$4.2bn value on Kathleen Valley. Albemarle’s downstream lithium conversion plants are some 1,000km away by rail near Perth. A long Australian rail link is preferable to long-distance road links in developing countries such as Mali, as Liberum points out.

Albemarle has plenty of form in Australia. But given battery overcapacity in China, the chances of its stock price benefiting from this added production are slim.

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

反弹的通胀与不耐烦的特朗普:凯文•沃什面临双重压力

美国参议院本周有望批准这位56岁的金融家接替杰伊•鲍威尔出任美联储主席。

伊朗战争推高燃气价格,印度工人纷纷逃离城市生活

伊朗战争推高了烹饪燃料价格,迫使印度许多务工人员返乡回村。

能源、军火与粮食:特朗普对伊战争日益沉重的代价

这场冲突正波及整个美国经济,造成了数千亿美元的产出损失。

肺纤维化生物科技公司Avalyn Pharma申请首次公开募股(IPO)

一家生物技术公司正开发可吸入剂型的已获批肺纤维化口服药,计划赴公开市场融资以支持其后期研发。
1天前

凯勒拉治疗学公司在生物技术领域创纪录的IPO中融资6.25亿美元

最新的生物科技公司首次公开募股创下历史新高。
2天前

法国将迎来最拥挤的大选角逐场:谁将取代马克龙?

左翼和中间阵营的分裂,助长了极右翼问鼎爱丽舍宫的希望。
设置字号×
最小
较小
默认
较大
最大
分享×