IGO Limited (IGO) advises that the transformational transaction to form a new lithium joint venture with Tianqi Lithium Corporation (Tianqi) over its Australian lithium assets (Transaction) has completed.

Pursuant to the Transaction agreement, IGO and Tianqi have formed a new globally focused lithium joint venture (JV) which is owned 49% by IGO and 51% by Tianqi. The JV is the exclusive vehicle for lithium investments outside China for IGO and Tianqi.

The JV will initially focus on the existing upstream and downstream lithium assets located in Western Australia.

IGO’s Managing Director and CEO, Peter Bradford, commented: “Our new partnership with Tianqi promises to be truly transformational for IGO and delivers on our strategy focused on the clean energy revolution. We are incredibly excited to commence this journey with Tianqi as we build a globally relevant lithium business delivering high quality, responsibly produced lithium products to global customers while generating strong financial outcomes for shareholders.”

Tianqi’s Founder and Chairman, Mr Jiang Weiping, commented: “We are pleased to have now formed our new strategic partnership with IGO and, through the JV, look forward to growing a leading global lithium business and delivering on our shared vision for a clean energy future. Our new joint venture is ideally positioned in this market with quality upstream and downstream assets capable of generating strong financial returns for both IGO and Tianqi.”

The commissioning process for the first lithium hydroxide plant at Kwinana has commenced. This includes the formation of the owner's commissioning team and the appointment of a lead contracting firm to complete the remaining rectification work. First lithium hydroxide is expected to be produced in the second half of 2021.

In addition, the restart and ramp-up of Greenbushes Chemical Grade Plant 2 has commenced and the completion and commissioning of the Tailings Retreatment Project is expected in early 2022.

This announcement is authorised for release to the ASX by Peter Bradford, Managing Director and CEO.