The Foreign Investment Review Board has knocked again an software from a US firm with Chinese ties to accumulate a shuttered West Australian lithium mine.
Orders stopping Austroid Corp from buying the opposite 90 per cent of Alita Resources that it does not already personal have been revealed within the Federal Register of Legislation on Thursday.
The previously ASX-listed Alita collapsed into insolvency in 2019 amid a stoop in lithium costs and its Bald Hill mine within the Eastern Goldfields area was shuttered.
A Chinese firm, Liatam Mining, swooped in to suggest shopping for Alita’s property in 2020 however was unable to get FIRB approval.
Nevada-based Austroid Corp then proposed buying the lithium mine in a deal that some within the mining neighborhood dubbed a “stealth bid” by Liatam as a result of the businesses shared a director.
The federal authorities has been involved about Chinese possession of Australian essential minerals assets, and lithium is an important element of lithium-ion batteries utilized in shopper electronics and the electrical car business.
Liatam has been contacted for remark.
Source: www.perthnow.com.au
