Eramet, a French multinational mining and metallurgy company, bought back of all Tsingshan Group’s 49.9% stake in Eramine Sudamerica, a subsidiary of Eramet in Argentina. The deal will have a net cash impact of US$699 million.

After the transaction was completed yesterday (October 24), Eramet now holds 100% of its lithium assets in Argentina.

This counter-cyclical transaction doubles Eramet’s production share and provides Eramet with new market flexibility and long-term growth optionality to develop its portfolio of lithium tier-one assets.

Eramet is confident in lithium's long-term prospects, a key metal for battery technology in the growing electric vehicle market.