Australian lithium miner Pilbara Mining has announced a major strategic move to acquire Latin Resources Ltd., a major lithium project in Brazil, in an all-stock transaction for approximately A$560 million (US$370 million). The acquisition marks the first step in Pilbara Mining's international expansion and is designed to further strengthen its position in the global lithium market.

According to an official statement issued by Pilbara Mining, the core asset of the acquisition is Latin Resources' hard-rock Salinas lithium project. Located in Brazil, the project is rich in lithium resources and has yet to be developed on a large scale. It is worth noting that the project has qualified for fast-track license approval by Brazilian regulators, which undoubtedly provides a strong guarantee for Pilbara Mining's future development plans.

The acquisition is significant for Pilbara Mining. On the one hand, the addition of the Salinas Lithium Project will significantly increase the Company's lithium reserves, which is expected to increase the existing reserves by 20%, laying a solid foundation for the Company's future production capacity expansion and market share enhancement. On the other hand, through this acquisition, Pilbara Mining will for the first time be involved in Brazil, an important lithium resource country, to further broaden its global business layout and enhance the company's international competitiveness.

Pilbara Mining said that the acquisition of Latin Resources is an important step in the company's strategic development, which will help the company grasp the growth opportunities in the global lithium market and realize sustainable development. The company will continue to be committed to the exploration, development and utilization of lithium resources, provide high-quality lithium products for global customers, and promote the rapid development of the new energy industry.