China's CATL acquires stake in Australian lithium miner PilbaraMinerals

A worker stands outside a factory of Contemporary Amperex Technology Ltd (CATL) in Ningde, Zhejiang province, China, December 16, 2016. Picture taken December 16, 2016. REUTERS/Jake Spring

Chinese battery firm CATL has taken a stake in Australian lithium miner PilbaraMinerals, both companies said on Wednesday, after a supply glut hammered the sector and forced Pilbara to raise equity to fund working capital.

CATL, one of China’s leading electric-vehicle battery makers, has bought an 8.5% stake in Pilbara as part of a A$91.5 million ($61.8 million) capital raising, Pilbara said in an exchange filing.

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