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Tianqi Expands Lithium Empire With Deal to Buy Australian Miner

Tianqi Lithium Corp. has agreed to buy an Australian lithium explorer in a deal that could accelerate production of enough supply of the metal for around 10 million electric vehicles.

The A$136 million ($94 million) bid for Sydney-listed Essential Metals Ltd., made through Tianqi’s joint venture with local miner IGO Ltd., includes the Pioneer Dome project in Western Australia, an undeveloped mine with estimated total reserves of more than 100,000 tons of lithium.