Indian state firms seek 20% stake in Chilean miner SQM lithium projects in Australia - report

Seeking Alpha News (Fri, 28-Mar 4:41 AM)

  • Four Indian state firms are reportedly in talks with Chilean miner SQM (NYSE:SQM) to acquire a 20% stake in its two lithium projects in Australia for $600 million.
  • Government-backed Khanij Bidesh India has partnered with Coal India, Oil India, and ONGC Videsh to seek the 20% stake in SQM's Mount Holland and Andover lithium projects in Western Australia, according to a Reuters report.
  • SQM is the world's second-largest lithium producer.
  • "This is so far India's biggest attempt to secure lithium supplies overseas," one of the sources said. "The due diligence is on, and the companies have expressed their interest with an initial offer."
  • KABIL, along with the three state companies, is in the process of appointing a mergers and acquisitions adviser for the deal, the reort said.