A sign at the approach road leads to Albemarle's lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019.
REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australia's Liontown Resources (LTR.AX) shares shot 11.5% higher after the lithium developer's board on Monday backed a refreshed A$6.6 billion ($4.26 billion) bid from Albemarle Corp (ALB.N), the world's biggest lithium producer.
The news prompted Liontown shares to shoot up 11.5% to A$2.92, the highest since July 14.
Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world's largest and highest-grade hard rock lithium deposits.
Albemarle's latest offer for Liontown was its fourth, having also proposed A$2.20 per share on Oct. 20 last year and A$2.35 per share earlier in March before its rejected A$2.50 a share offer was made public.
Persons:
Ernest Scheyder, Liontown, Albemarle, Kathleen, Greenhill, Scott Murdoch, Poonam, Jamie Freed, Christopher Cushing
Organizations:
REUTERS, Albemarle Corp, Australia, Ford Motor, LG, Co, UBS, JPMorgan, Thomson
Locations:
Silver, , Nevada, U.S, Australian, Chile, Western Australia, South, Albemarle, Sydney