BHP and Rio Tinto are fighting over access to battery metals. BHP just withdrew from a pricey battle for a wannabe nickel maker, but Rio is pressing on with an $825 mln bid for a nascent lithium firm. Investors are wise to be wary, says AntonyMCurrie
Rio Tinto on Dec. 21 said it agreed to buy Rincon Mining, which operates an early-stage lithium carbonate project in Argentina, for $825 million from private equity firm Sentient Equity Partners.
One the same day, BHP declined to match Wyloo Metals’ offer to buy Canadian nickel miner Noront Resources for $477 million. The two companies had been battling to control the company for several months. Shares in BHP were down 0.9% in early afternoon trading on the ASX, while Rio’s stock was down more than 2%.Workers are seen at a production line of copper foils used for lithium batteries, at a Tongling Nonferrous Metals Group plant in Tongling, Anhui province, China November 30, 2018. Picture taken November 30, 2018. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.
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