Excitement for shareholders of ASX listed Delta Lithium on Monday afternoon.
A huge purchase of shares in ASX: DYL appears to have taken place just as the market closed.
A trade for around 60 million shared at 92.5c took place in the after-market on the ASX Monday, August 14 2023.
That was a premium from Monday’s official close at 75c in Sydney.
That represents about 11.5% of shares in Delta.
Delta Lithium Limited is focussed on the exploration and development of wholly owned Mt Ida Lithium Province & Yinnetharra Lithium Project in Western Australia.
Delta Lithium is led by David Flanagan, a well-known and successful mining executive, who founded Atlas Iron iron ore in 2004.
Lithium stocks have been under significant selling pressure in recent weeks as the price of lithium falls, despite strong demand for EV vehicles.
Lithium prices have fallen significantly, particularly in China.
#China's spot price of #lithium carbonate fell for 24th straight day to hit new low in over 3 months.
— YUAN TALKS (@YuanTalks) August 14, 2023
The price remains much higher than lithium futures prices.https://t.co/haGgRmRP6L https://t.co/TW0F78jMpG pic.twitter.com/fJ8w4SS0GQ
Mergers and acquisitions are expected in the lithium space in Australia, as major players scramble to secure more scale.
Majors such as Rio Tinto have expressed interest in finding new lithium partners in Australia in recent weeks.
The long-term outlook for lithium continues to be optimistic, as the world transitions from internal combustion engines to electric cars. China, the US and EU countries all have ambitious goals to increase EVs on roads.
#Lithiumstocks are in depression today on concerns of the market over China's property sector and declining lithium prices.#asxstocks #chinesestocks pic.twitter.com/pCTJQ4pd8k
— Andrey Prykhodko (@Andr_rej) August 14, 2023
