As reported by Reuters, Tianqi Lithium Corp. has completed its purchase of a 23.77% share in Chilean lithium miner SQM from Nutrien, the Chilean stock exchange said on Monday, for a total sale price of US$4.066 billion.
“A minority stake in SQM is great from our perspective, especially when we look at long term growth and expectations for the lithium industry,” said Ashley Ozols, Business Development Manager for Tianqi, after the deal closed.
Tianqi struck a deal earlier this year to buy the stake from Nutrien, the company formed by the merger of Agrium and Potash Corp. of Saskatchewan. As part of that deal, Nutrien was required to sell the stake.
Nutrien has said it plans to use proceeds from selling stakes in SQM and two other companies to expand its network of farm retail stores in the United States and establish one in Brazil.
Some of China’s major fertilizer companies have said they will temporarily suspend exports to assure supplies in the domestic market, the country's state planner said on Friday, after prices in one of the world’s top grain producers hit record levels.