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1) According to GlobalData, Greenhill & Co and Canaccord Genuity Group ranked as top M&A financial advisers by value and volume, respectively, in the metals and mining sector in the first quarter of 2023. Greenhill & Co acquired the top spot by value by advising $3.4 billion worth of deals, while Canaccord Genuity Group led the bunch in volume by advising on a total of six deals. The most notable deal that Greenhill & Co advised was BHP looking to buy OZ Minerals, which was worth about $6.4 billion.
2) According to Robert Friedland, the Chilean government's plan to demand a controlling stake in all future lithium projects will hurt future investment and risks stalling the clean energy transition. Mr. Friedland said that "money is a coward - it runs away at the first sign of trouble." Adding that it would be "quite challenging for international capital, and it makes it harder to invest in Chile." Lithium is the main ingredient in the batteries used in electric vehicles and energy storage, and Chile is the world's second-largest producer of the metal with the newly elected President, Gabriel Boric, trying to build the processing industry, take advantage of the country's natural wealth, as well as protect the environment. Chile's move to nationalize the country's lithium will undermine the country's reputation as a safe place for foreign investments in Latin America.
3) In other merger and acquisitions news, Asante Gold, a West Africa focused miner, has turned down a takeover proposal by Fujairah Holding LLC, a global investment company that is based in the United Arab Emirates and owns about 11% in the miner. Asante said that the takeover is not in the best interest of the company or its shareholder and fails to address Asante's near-term financing requirements. Conditions of the takeover include Asante requiring ceasing existing discussions and negotiations with all other parties, and the completion of satisfactory due diligence over a long period which includes receipts of all required regulatory approvals. Asante operates two gold mines in Ghana with a combined forecast of about 400,000 ounces of gold in 2023.