Australia's Pilbara Minerals makes $370m bid for Brazil lithium project

SYDNEY -- Australian lithium miner Pilbara Minerals has moved to acquire a hard rock lithium project in Brazil, announcing an all-share offer for compatriot Latin Resources and its planned Salinas mine in the South American country. 

The bid, which has the unanimous support of Latin Resource's board and of its largest shareholder, implies a value of 0.20 Australian dollars per share based on Pilbara's closing price yesterday, valuing the target at AU $560 million ($370 million).