Chinese firms move to acquire Canada's Lithium X

Chinese group Tibet Summit Resources, along with its partner NextView Capital, agreed to acquire Canadian group Lithium X for CAD 265m.

The move to purchase the lithium producer was seen as yet another attempt by a Chinese company to lock in raw materials needed to build batteries capable of powering vehicles in the largest electric car market in the world.

Tibet Summit Resources said that Lithium X would be delisted from the TSX Venture Exchange after the deal had been finalised.

The acquisition of Lithium X was the second such deal by Beijing-based group NextView Capital after it agreed to pick up a 20% stake in Bacanora Minerals a week earlier.

As of 1145 GMT, Lithium X shares had gained 16.90% to CAD 2.49 each.