The Australian-based lithium miner Galaxy Resources and a joint venture partner General Mining are tying up to capitalise on the strong interest in lithium and the growing market for lithium-ion batteries in electric vehicles and energy storage systems. The merged group will have a pro-forma market capitalisation in excess of $700 million. Both the companies who are joint venture partners in the Mt Cattlin lithium mine in West Australia are of the opinion that this merger can create a large group of “global significance”.
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IKEA is a multinational Sweden-based group of companies that designs and sells ready-to-assemble furniture, appliances and home accessories. During the December climate change summit (COP21) in Paris, Ikea pledged to invest €600 million (£471 million) in renewable energy projects. This was in addition to an earlier commitment to invest €1.5 billion (£1.2 billion) and an additional €400 million (£314 million) to provide communities that are vulnerable to climate change. Ikea, the world’s biggest furniture retailer, is planning to invest heavily to have a positive impact on climate through energy-efficiency measures, renewable energy investments, reduction in supply chain emissions, and changes in products designed to get behavioural change.
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The Canada-based Bacanora Minerals, which is developing the world’s largest lithium mines in northern Mexico, has roped in investor Blackrock as a major shareholder. It is focusing on becoming a large scale supplier to the fast growing global lithium-ion battery market. Blackrock is the world’s largest asset manager that provides guidance to individuals, financial professionals and institutions and has put up US$11.2 million (£7.7 million) by placing 9.75 million units at $1.14 (79 p) each. The units include warrants that would make the amount raised to around $15 million (£10 million). The shares of Bacanora went up by 10.4% in London. The increase in the share prices is due to the rise in prices of lithium, extensively used in batteries of electric cars.
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