To seize overseas lithium resources, it is reported that CATL bids for a Canadian lithium mining company for US$300 million

On September 15, according to foreign media reports, people familiar with the matter said that CATL, the world's largest electric vehicle battery manufacturer, is the mysterious buyer behind the 377 million Canadian dollars (about 298 million U.S. dollars) bid for Canadian lithium company Millennial Lithium. Currently, the bidding war for Millennial by Chinese companies is heating up, aiming to obtain the lithium element needed for electric vehicle batteries.

Millennial said on Sept. 8 it had received an unsolicited, non-binding takeover proposal of C$3.85 per share from a foreign lithium-ion battery maker, which it did not name.

In July this year, China Ganfeng Lithium announced plans to acquire Millennial for 3.60 Canadian dollars per share, totaling 353 million Canadian dollars. In addition, Millennial's assets have also attracted the interest of China Molybdenum Co., Ltd. China Molybdenum Co., Ltd. may consider a joint bid with CATL.

It is worth mentioning that CATL is accelerating its upstream layout. Recently, CATL issued an announcement that it plans to invest in the construction of the CATL New Lithium Battery Manufacturing Base (Yichun) project in Yichun City, Jiangxi Province, with a total investment of no more than RMB 13.5 billion.

According to relevant media analysis, CATL's intention to settle in Yichun is very obvious. Yichun has rich lithium mica mineral resources. Investing in Yichun can achieve the convenience of obtaining upstream lithium resources and reduce production and transportation costs.