ASX-listed Mineral Resources (MinRes) on Monday confirmed it had entered into an implementation agreement with the administrators of Alita Resources to acquire the Bald Hill lithium mine, in Western Australia. Alita, previously known as Alliance Minerals, went into administration in 2020 and the Bald Hill mine was placed on care-and-maintenance.
PERTH – ASX-listed Mineral Resources on Monday confirmed it had entered into an implementation agreement with the administrators of Alita Resources to acquire the Bald Hill lithium mine, in Western Australia.
Notwithstanding the FIRB rejection, MinRes states that the Bald Hill mine operates under effective foreign control through a complex corporate structure. Alita’s receivers and managers, who were appointed by secured creditor Austroid, however, argues that they remain in control of the Bald Hill mine, and had over the past months received in excess of ten approaches from interested parties looking to acquire the mine. As a contingency, the receivers in July started preparation for a potential sale process, should the deed of company arrangement with Austroid not be effectuated.
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