Dynavolt Technology acquires shares of an overseas lithium company
2017-12-12 17:49:14 [Print]
Recently Dynavolt Technology signed a binding agreement with Metalstech ("MTC") on purchasing 10 million MTC shares. MTC is a lithium exploration company focusing upon projects in Canada.
MTC announced in its ASX report that it had achieved a strategic investment agreement with Dynavolt Technology which will acquire 10 million MTC shares at a price of AUD0.30/share. The total investment amounts to AUD3 million (around RMB15 million).
MTC is developing a number of lithium projects in Quebec, Canada, and also plans to build a processing plant for lithium carbonate and lithium oxide. Dynavolt Technology is now under negotiation with MTC on the investment affairs.
Thanks to the development of new-energy motorcar industry in China, prices for rare metals such as lithium and cobalt move up dramatically in China. Though China is abundant in lithium resources, its mining capacity for lithium ores is nevertheless not high enough and 70% of its lithium ore consumption comes from overseas markets at present. So it's of great significance for Chinese new-energy motorcar enterprises to have a better control on their supply of upstream rare resources. Dynavolt Technology's this strategic investment into MTC will undoubtedly facilitate its future development in a positive way.
MTC announced in its ASX report that it had achieved a strategic investment agreement with Dynavolt Technology which will acquire 10 million MTC shares at a price of AUD0.30/share. The total investment amounts to AUD3 million (around RMB15 million).
MTC is developing a number of lithium projects in Quebec, Canada, and also plans to build a processing plant for lithium carbonate and lithium oxide. Dynavolt Technology is now under negotiation with MTC on the investment affairs.
Thanks to the development of new-energy motorcar industry in China, prices for rare metals such as lithium and cobalt move up dramatically in China. Though China is abundant in lithium resources, its mining capacity for lithium ores is nevertheless not high enough and 70% of its lithium ore consumption comes from overseas markets at present. So it's of great significance for Chinese new-energy motorcar enterprises to have a better control on their supply of upstream rare resources. Dynavolt Technology's this strategic investment into MTC will undoubtedly facilitate its future development in a positive way.
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