SANTIAGO (Reuters) -- China’s Tianqi Lithium has purchased a 23.77 percent share in Chilean lithium miner SQM from Canadian fertilizer giant Nutrien, the Chilean stock exchange said on Monday, for a total sale price of $4.066 billion.
The sale to Tianqi comes as Chinese companies increasingly scour the globe for the raw materials necessary to ramp up Chinese production of electric vehicles.
Lithium is a key component in the batteries that power everything from cellphones to electric vehicles.
“A minority stake in SQM is great from our perspective, especially when we look at long term growth and expectations for the lithium industry,” said Ashley Ozols, business development manager for Tianqi, after the deal closed.
China's Tianqi purchased on Monday a 23.77 percent stake in Chile lithium producer SQM for a total package price of approximately $4.066 billion, Chile's stock exchange said.
The stake was sold at $65 per share.