Two of the world's largest investment banks have increased their stakes in one of the world's top lithium projects, which is under development in Minas Gerais, Brazil.US-based Goldman Sachs and Switzerland's UBS have acquired significant stakes in Latin Resources, which owns the Salinas lithium project.The investments followed a binding agreement between the junior explorer and Pilbara Minerals in mid-August, in which the latter purchased the junior for US$370 million.
07 shares of Pilbara, which has a market value of around US$5.8 billion.The transaction gives Latin Resources' shareholders a 6.4% stake in Pilbara, which owns the Pilgangoora lithium mine in Western Australia and represents a 57% premium to the company's 10-day weighted average share price of $0.127/share.With the acquisition, Pilbara increases its resources to 413.9Mt, grading 1.15% lithium oxide for 4.8Mt of the battery material.