IGO has received strong support from Tianqi Lithium Energy’s shareholders for its plans to become a joint venture (JV) partner.
Tianqi had a 99.7 per cent vote in favour for the transaction to go ahead when shareholders placed their votes on January 5.
IGO managing director Peter Bradford said this outcome demonstrates the value of the JV.
“The resounding vote of support which Tianqi has received from its shareholders further validates the value creation from this transaction for the shareholders of both companies,” Bradford said.
“Tianqi and IGO continue to progress the completion workstreams and we will provide further updates to the market as the remaining conditions precedent required to complete the transaction are progressed.”
The transaction is valued at $1.9 billion and will provide IGO with a 49 per cent stake in Tianqi, including a 25 per cent interest in the Greenbushes lithium mining and processing operation in Western Australia.
It will provide IGO with a 25 per cent stake in the Greenbushes mine in Western Australia.
A 49 per cent interest in Tianqi’s Kwinana lithium hydroxide plant will also be given to IGO under the JV.
IGO and Tianqi will form Lithium HoldCo for the two companies’ lithium investments outside of China.
IGO stated that the strategic review of its 30 per cent interest in the Tropicana operation JV with AngloGold Ashanti is ongoing.