ASX lithium miners rebound, tracking Lithium Americas gains
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The news: ASX-listed lithium miners rebounded as they tracked huge gains posted by Lithium Americas on the New York Stock Exchange after the US government confirmed it would take a 5% equity stake in the company.
The numbers: At 12:51pm AEST, Liontown Resources’ share price had lifted 8% to 95 cents.
Pilbara Minerals (+5.51%), IGO (+4.43%) and Mineral Resources (+2.78%) also posted gains.
The context: Overnight, Lithium Americas posted a 23.3% share price gain after it was confirmed that the US government would take a 5% equity stake in the miner as well as 5% stake in its Thacker Pass joint venture with General Motors.
The company also reached an agreement with the US Department of Energy to draw on a USD2.2 billion ($3.32 billion) it had agreed to under the Biden administration.
Thacker Pass, which is also partly owned by ASX-listed Deterra Royalties (+1.13%), is set to be the largest lithium source in the Western Hemisphere.
ASX-listed lithium miners dragged on the bourse on Wednesday following reports that CATL had moved one step closer to reopening its shuttered Jianxiawo mine.
The sources: Lithium Americas media release, Bloomberg
