Pilbara Minerals Ltd (PLS) has completed the full acquisition of Latin Resources Ltd, securing ownership of the Salinas lithium project in Minas Gerais, Brazil. With this move, the company gains access to a world-class lithium asset poised to become a major player in the global hard rock lithium sector.
Following the completion of the deal, Pilbara Minerals has rebranded the project as Colina and is set to initiate a comprehensive review to shape its design and development strategy. The assessment will leverage insights from PLS’s flagship Pilgangoora Project in Western Australia, along with best practices from other Brazilian lithium producers.
This acquisition was executed through a scheme of arrangement, leading to the issuance of 205,521,136 new PLS shares to Latin Resources security holders and sale agents. These new shares represent approximately 6.4% of PLS’s total issued shares.
The move aligns with PLS’s broader strategy of diversifying and expanding its lithium portfolio beyond Pilgangoora, positioning the company for growth in emerging markets such as Europe and North America.
Reflecting on the milestone, Latin Resources’ outgoing CEO and Managing Director, Chris Gale, highlighted the company’s achievements over the past 15 years:
"From the start, our vision was to create something meaningful and valuable for our shareholders. Through dedication and resilience, we built Latin Resources into a company with a world-class lithium asset. Now, as we transition to new leadership, we are confident that Pilbara Minerals will build on our success and further develop the Colina Project in Brazil."
Meanwhile, PLS CEO Dale Henderson emphasized the significance of the acquisition and welcomed Latin Resources' team members and stakeholders into the Pilbara Minerals fold:
"The addition of Colina strengthens our strategic position in the lithium sector. We look forward to working closely with our new colleagues in Brazil to advance project studies, resume drilling activities, and continue engaging with the local community in Minas Gerais. Latin Resources has built a strong foundation of local support, which we are committed to maintaining."
As part of its integration strategy, Pilbara Minerals is focused on:
✅ Advancing project development studies to optimize resource potential.
✅ Expanding exploration efforts to identify new lithium prospects.
✅ Infilling the existing mineral resource to enhance project viability.
✅ Ensuring strong community and stakeholder engagement in Brazil.
A final investment decision on Colina will be made after development studies, exploration activities, and permitting processes are completed, with market conditions and customer demand playing a key role in the timeline.
Meanwhile, Latin Resources is set to be delisted from the ASX on February 5, 2025, officially marking the completion of its transition.
In his farewell statement, Chris Gale expressed gratitude to employees, stakeholders, and shareholders:
"The heart of Latin Resources has always been our people—the dedicated employees, directors, and partners who made this company what it is today. As we close this chapter, I extend my deepest thanks to everyone who has supported us on this journey."
With the Colina Project now under Pilbara Minerals’ leadership, Brazil’s lithium industry is set to see increased investment, innovation, and strategic expansion, reinforcing its role in the global energy transition.
