IGO (ASX:IGO) enters lithium market, shares on trading halt

Mining company IGO Ltd (ASX: IGO) announced this morning that it has entered into a binding agreement with Chinese company Tianqi Lithium Corporation, to acquire a 49% stake in Tianqi’s Australian lithium mining business for $1.9 billion.

Before market open this morning, IGO asked the ASX to temporarily halt trading of its shares, pending the release of an announcement about the accelerated entitlement offer related to the acquisition today.

The trading halt will last until Friday 11 November 2020, unless revised otherwise.

The IGO share price closed yesterday at $5.095.

First foray into the lithium market for IGO

Today’s acquisition will effectively provide IGO with a 24.99% indirect interest in Greenbushes Lithium Mining and…