Huayou acquires Arcadia Lithium Project

26 May 2022 By Emma Ryan
Marcus Best

MinterEllison has advised Huayou on its acquisition of the Arcadia Lithium Project, based in Zimbabwe.

Firm: MinterEllison (Huayou)

Advertisement
Advertisement

Deal: Huayou International Mining (Hong Kong) Limited (Huayou) has acquired the Arcadia Lithium Project (Arcadia Project) from a subsidiary of Prospect Resources Limited (Prospect) and other minority shareholders. 

Value: $612 million

Lawyers Weekly Discover

Area: M&A

Key players: The MinterEllison team was led by partner Marcus Best with support from partners Bart Oude-Vrielink and Bryn Davis and lawyer Julia Sperac.

Deal significance: The Arcadia Project is located near Harare in Zimbabwe and is considered one of the world’s largest hard rock lithium resources – a key component in rechargeable batteries, according to a statement from MinterEllison.

Meanwhile, Huayou is a subsidiary of new energy lithium-ion battery material producer Zhejiang Huayou Cobalt Co Limited (Huayou Cobalt). The group specialises in research, development, and manufacturing new energy lithium-ion battery materials and new cobalt materials.

“We were pleased to support Huayou on this important multijurisdictional transaction,” MinterEllison lead partner on the transaction Marcus Best said.

“The successful outcome is a reflection of the growing value of the lithium industry globally, particularly given the increasing production of electronic vehicles.”

Huayou acquires Arcadia Lithium Project
Intro image
lawyersweekly logo