Chinese player swoops in on embattled WA lithium miner

A Chinese company registered in the Cayman Islands has made a bid to buy up collapsed West Australian lithium miner Alita Resources.

On Friday KordaMentha, the administrators appointed to the miner in August, announced China Hydrogen Energy Limited had entered into a binding $70 million loan facility agreement to scoop up the business.

A Chinese company has swooped on embattled lithium miner Alita Resources.Credit:Bloomberg

Most of the money would be used to pay out Alita’s major shareholder and secured creditor, lithium miner Galaxy Resources, which took on US$30 million (AUD $44 million) worth of debt from the company in August.

Alita owns the Bald Hill lithium and tantalum mine in WA’s Goldfields region, as well as a 15 per cent stake in the nearby Cowan lithium project.


Related posts

Make a comment