Galaxy Resources chief executive, Simon Hay, steps into a new role with the merged company as president of international business reporting to the chief executive. The merger will unlock significant synergies for the merged company, create a diversified production base, and realise significant value for shareholders, said the companies. “The logic of this merger is compelling,” said Orocobre chairman, Robert Hubbard, who becomes deputy chairman of the new merged company. It was listed on the Australian Securities Exchange until it merged with fellow lithium producer Orocobre in August 2021 to form Allkem.
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“The completion of the merger brings together assets and teams with highly complementary skills and knowledge,” de Solay said. © 2024 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. Orocobre Deputy Chairman Rob Hubbard said that he welcomed Mr Rowley, Ms Heredia, Mr Turner and Mr Fitzpatrick to the Orocobre Board and looked forward to working with them. He also said, “that each of the retiring directors has made unique and valuable contributions throughout the Orocobre journey that has led to today’s merger.
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- A new name has yet to be selected for the new merged company which will have its head office in Buenos Aires, Argentina, and a corporate headquarters on Australia’s east coast.
- The company is also developing the Sal de Vida lithium brine project in Argentina, which is located in South America’s “lithium triangle”.
- Participation in the merger will provide significant benefits to Galaxy Resources shareholders in being part of a larger diversified group and help to advance its projects’ development.
- “The merged entity’s growth opportunities in both brine and hard rock position it uniquely to take advantage of expected rising EV demand for lithium,” said Rowley.
ASX share price for Galaxy Resources (ASX:GXY), IGO (ASX:IGO), Orocobre (ASX:ORE) and Pilbara Minerals (ASX:PLS)
Australian Resources & Investment is this country’s premier mining journal dedicated to providing readers with cutting-edge insights into resource developments in Australia, and from Australian companies operating around the world. Orocobre announced that all approvals have been granted to complete the merger, which consolidates the two companies’ lithium portfolios, including assets in Argentina, Australia, Japan and North America. Galaxy Resources Limited engages in the production of lithium concentrate and exploration of minerals in Australia, Canada, and Argentina. The 292,598,572 newly issued Orocobre shares are expected to commence trading on ASX on a normal settlement basis from Thursday, 26 August 2021. Orocobre has its Olaroz and Cauchari lithium carbonate projects also in How to buy celo Argentina, and the Naraha lithium-ion hydroxide conversion facility in Japan for 10,000 tonnes per year. Galaxy Resources recently completed a feasibility study for its Sal de Vida lithium carbonate project in Argentina, and operates the Mt Cattlin spodumene concentrate project in WA.
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Orocobre’s and Galaxy Resources’ boards have agreed to the merger through a Galaxy Scheme of Arrangement subject to no competing proposal appearing for the company. There is no difference, but the notation $g(x;y)$ suggests that we are going to think of $y$ as a parameter. It would have been ok to use the notation $g(x,y)$ instead, and some authors do this when discussing Green’s functions. Sign-up to receive the latest news and ratings for Galaxy Resources and its competitors with MarketBeat’s FREE daily newsletter.
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All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is nonfarm payrolls forecast for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. Galaxy operates the Mt Cattlin lithium operation in Western Australia and produced 109,909 tonnes of lithium concentrate in the first half of 2021.
Galaxy Resources and Orocobre have completed their merger and will rebrand as Allkem, setting the stage for the creation of one of the world’s largest lithium companies. Markets coverage, company profiles and industry insights from Australia’s best business journalists – all collated and delivered straight to your inbox every day. “The merged entity’s growth opportunities in both brine and hard rock position it uniquely to take advantage of expected rising EV demand for lithium,” said Rowley.
Galaxy Resources shareholders will receive 0.569 Orocobre shares for each of axi forex broker their Galaxy Resources shares, leaving Orocobre shareholders with 54.2 per cent of the merged company and Galaxy Resources shareholders will own 45.8 per cent. The companies have a complementary portfolio of brine and hard rock lithium assets spread across Australia and Argentina and a vertically-integrated supply chain. “Both Orocobre and Galaxy shareholders will benefit from the diversification, growth and scale of a top five global lithium chemicals company,” he said.
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According to Orocobre managing director and chief executive officer Martín Pérez de Solay, the merger paves the way for a new top five lithium producer. The merged company will have a strong balance sheet with cash of $US487m making it well positioned to develop its world-class lithium projects with a production capacity of 40,000 tonnes per year. The new company will have an industry-leading growth profile and an enhanced financial position to optimise and accelerate development of its lithium assets. The new board of the merged company will have four independent directors from Orocobre and four from Galaxy Resources and Orocobre’s current chief executive.
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