Chilean mining giant SQM, in partnership with Hancock through their joint venture, SH Mining, is poised to acquire all shares of Azure Minerals. This strategic move follows approval from the Australian competition authority, signaling a green light for the operation.
The board of Azure Minerals has unanimously endorsed the proposed transaction, contingent upon no superior offer emerging and an independent expert's affirmation that the arrangement serves Azure shareholders' best interests. The evaluation placed Azure's share value between 2.03 to 2.93 Australian dollars, deeming the proposal both fair and reasonable.
A pivotal shareholder meeting is slated for Monday, April 8, to decide on the acquisition. SQM has voiced its encouragement for Azure shareholders to back the transaction, promising immediate value enhancement for their shares. This acquisition underscores SQM and Hancock's commitment to expanding their footprint in the minerals sector, marking a significant step in their collaborative ventures.
