The Pilbara Minerals–Latin Resources acquisition is complete, marking a milestone for Pilbara Minerals.
The acquisition was completed by way of a scheme of arrangement, with Pilbara Minerals (PLS) issuing over 200 million new shares to Latin Resources security holders.
Latin Resources’ Colina lithium project in Brazil was the main drawcard for PLS as it seeks to grow its revenue beyond its Pilgangoora operation in Western Australia.
“The PLS team is looking forward to working with our new colleagues in Brazil to advance project studies and resume drilling activities, which will support the future development of the Colina project,” PLS managing director and chief executive officer Dale Henderson said.
“The completion of this acquisition marks a significant milestone for PLS, providing us with our second 100 per cent owned, high quality, hard rock lithium asset.
“This asset is expected to be low-cost and accretive for our shareholders, offering us the flexibility to sequence new supply and diversify into emerging growth markets for lithium, such as Europe and North America.”
With the acquisition complete, PLS will conduct a review to evaluate opportunities to further optimise the Colina project.
The review is set to incorporate key learnings from Pilgangoora and other Brazilian projects, building off the work completed by the in-country team.
PLS is also planning to undertake exploration programs at Colina in order to expand its resource base, test new prospects and infill the existing mineral resource.
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