Major investment banks are betting on Brazilian lithium project

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Goldman Sachs and UBS acquire a stake in Latin Resources

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.

 

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