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Liontown Resources received an unsolicited, conditional, and non-binding indicative proposal from Albemarle Corporation to acquire all shares at $2.50 per share, but rejected it as undervaluing the company.
Albemarle's subsidiary, RT Lithium, has been building a stake in Liontown and currently holds around 2.2% of issued shares.
The Liontown Board believes that the proposal does not reflect the recent de-risking and growth opportunities at the Kathleen Valley Lithium Project and the scarcity value of the lithium asset.
Iron Mine Contracting has commenced open pit mining operations at Kathleen Valley.
Services provided include drilling and blasting, loading and hauling of ore and waste, haul road construction and maintenance, and pit dewatering.
On schedule commencement of open pit mining will generate material for construction of the ROM pad and Tailings Storage Facility, potential DSO, and mill feed stockpile to facilitate start-up commissioning and ramp up of the process plant.