CATL Cleared for $945 Million Lithium Mining Acquisition

What’s new: Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) won approval for its 6.4 billion yuan ($945 million) debt restructuring plan in the bankruptcy of a lithium mining company it is trying to buy.

A court in Sichuan province cleared CATL’s plan for Sinuowei Mining Development Co. Ltd., clearing the last obstacle for the battery giant to gain control of the mining company. Sinuowei owns the license to build a mine in Sichuan to tap into a reserve of 24.9 million tons of lithium ore.