4 February 2025
Pilbara Minerals Limited (PLS or the Company), an Australian-based global leading lithium producer, is pleased to announce it has successfully completed the acquisition of Latin Resources, becoming the proud new owner of Latin Resources and its Lithium Project in Minas Gerais, Brazil.
The transaction, originally announced on 15 August 2024 and supported by the Latin Resources’ Board, follows a requisite majority vote by Latin Resources’ shareholders in favour of the acquisition proceeding.
PLS Managing Director and CEO Dale Henderson said the transaction marked a major milestone in the Company’s history.
“We are thrilled to have completed our first major acquisition outside of Australia and to be bringing a lithium project with such great potential into our portfolio,” Mr Henderson said.
“Through our global search we identified the Latin Resources Lithium Project in Salinas and quickly gained confidence in Minas Gerais as an attractive place to do business with strong support from both the government and community.
“We are looking forward to working with our new in-country team to jointly unlock the potential of the asset, while also creating shared value for the economy and local communities in the region.”
With the acquisition complete, Belo Lithium, a local Brazilian subsidiary of Latin Resources, will now be known as PLS and the Salinas Project will be renamed back to its former name of the Colina Project.
“We’re pleased to welcome more than 65 new team members from Brazil who are based in Belo Horizonte and Salinas. We’re eager to harness their local knowledge and passion to make this project a reality in time,” Mr Henderson said.
“Under the new PLS brand, the same familiar faces will be leading our engagements with key stakeholders, continuing the exploration program and working together with the community.”
PLS remains committed to ongoing community engagement on initiatives which benefit the surrounding communities including commissioning additional phone towers for 4G coverage as well as commencing early local community contractor engagement in preparation for civil and clearing works on site.
PLS will work to further optimise the Colina Project mine plan, project flowsheet and design incorporating learnings from the Company’s leading Pilgangoora Operation in Australia as well as other producers in the region.
Further exploration at the Colina Project is also planned, with the objective of expanding the deposit, testing new prospects and infilling the existing Mineral Resource.
“We recognise the significant work completed already to advance the Colina Project to a globally significant asset in less than three years,” Mr Henderson said.
“This project has the potential to create lasting benefits for the community of Salinas and we are honoured to have the opportunity to build a new project, and the social and economic value, which will come with building and operating it.”
The Colina Project has the potential to become a top 10 hard rock lithium operation by production globally (excluding Africa) with development flexibility to supply new markets.
Consistent with previous PLS production expansions, the Company will continue following its growth strategy, analysing lithium market conditions to ensure a strategic and sustainable investment decision.