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MinRes’ Bald Hill acquisition gets the go ahead

A court hearing in Perth has approved Mineral Resources (MinRes) acquiring the Bald Hill lithium mine in Western Australia from its administrators.

It was announced in early September that MinRes entered into an implementation agreement to acquire the Bald Hill mine – which is located 50 kilometres south east of Kambalda.

The Bald Hill mine is owned by a subsidiary of Alita Resources, which went into administration in December 2020. As a result, it appointed McGrathNicol as the mine’s administrators.

The court’s decision means that Alita Resources can now be put into liquidation, and MinRes will pay out the secured debt and acquire Alita’s interest in Bald Hill.

MinRes is keen to acquire the mine to ensure profits stay in Australia. The acquisition will also see MinRes with three operating lithium mines and processing infrastructure in WA. This includes the Wodgina mine it owns in partnership with Albemarle.

“MinRes’ successful acquisition of the Bald Hill mine will ensure that the mine is being operated by an experienced Australian ASX listed lithium miner, and any profits are generated and taxes and royalties paid in Australia to the benefit of Australian taxpayers,” MinRes said in its early September announcement.

“MinRes is the largest lithium miner in the Goldfields region of Western Australia, operating the world-class Mt Marion lithium mine, and is one of Australia’s largest diversified resources companies.”

In the same announcement, MinRes said it didn’t intend to raise equity to fund the acquisition. The acquisition’s price is subject to an independent expert valuation.

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