St George attracts battery giant to rare earth project in MG

Australian mining company St George Mining announced that ATL (Amperex Technology Limited), a global giant in the lithium-ion battery sector, will become a "strategic" shareholder in the company, in a move that gives the company exposure to the Araxá niobium and rare earths project in Minas Gerais.

ATL is wholly owned by Japan's TDK Corporation and has been described by St George as one of the world's leading producers of lithium-ion batteries.

The announcement was made in a statement to the market last Wednesday (3).

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The mining company's capital entry will occur through a restructuring of Lithium Star, a joint venture created in 2023 to explore lithium projects in Western Australia.

Under the agreement, St George will purchase the 10% stake that ATL holds in Lithium Star. In payment, ATL will receive 12.5 million St George ordinary shares, priced at A$0.16 per share, in a transaction valued at A$2 million. The value represents a 36% premium over the weighted average price of St George shares in the 30 days prior to May 29, 2026.

With the transaction, Lithium Star will become a wholly owned subsidiary of St George. ATL, in turn, will no longer have a direct stake in the lithium company and will have a shareholding in St George, whose main asset is the Araxá project, in Minas Gerais.

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The project is next to the operations of CBMM (Companhia Brasileira de Metalurgia e Mineração), a global reference in niobium production. St George states that Araxá is a world-class project with lower relative risk, as it is in a region with a history of mineral production, available infrastructure and qualified labor.

In a statement, the chief executive of St George Mining, John Prineas, stated that ATL was already a long-term partner of the company and that the conversion of the stake in Lithium Star into St George shares reinforces the strategic relationship between the companies.

According to him, ATL's entry into St George's shareholder base shows the company's progress in building relationships with major global players linked to the critical minerals chain.

ATL will also retain rights to up to 25% of any future lithium production from Lithium Star projects.

Although the agreement directly involves the restructuring of lithium assets in Australia, the main point of interest for Brazil is the rapprochement between a global battery giant and a mining company that is developing a niobium and rare earths project in Minas Gerais.

Rare earths are used in permanent magnets, electric motors, wind turbines, electronic equipment and defense systems. Niobium, in turn, is mainly used in the production of special metallic alloys, used in sectors such as steel, infrastructure, energy and technology.

The operation takes place amid increasing global competition for critical minerals, a segment considered strategic for the energy transition, the defense industry, the electrification of the economy and the reduction of dependence on China in supply chains.

St George acquired 100% of the Araxá project in February 2025. In March 2026, the company announced an update of mineral resources, with a total estimate of 70.91 million tons, with an average content of 4.06% of TREO, an acronym in English for total rare earth oxides.

The project, which is still in the development phase, has been closely monitored by foreign companies and governments.

The operation still depends on the approval of St George's shareholders at a meeting scheduled for the beginning of July 2026. Furthermore, Lithium Star's lithium projects remain in the exploratory stage, and ATL's purchase rights will only have practical effect if these areas progress to commercial production.

Source: CNN