Allkem Ltd (ASX: AKE) shares are having another positive session.
In morning trade, the lithium miner's shares are up 4.5% to $10.51.
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Why are Allkem shares pushing higher?
Investors have been buying the company's shares following a positive night of trade on Wall Street for lithium stocks and in response to the release of a couple of announcements.
In respect to the latter, one announcement reveals that Allkem has signed the Kapisikama Agreement in relation to the development and operation of the James Bay Lithium Project.
This is an Impact and Benefit Agreement (IBA) with the Grand Council of the Crees (Eeyou Istchee), the Cree Nation Government, and the Cree Nation of Eastmain.
Management highlights that the Kapisikama Agreement will govern the relationship between Allkem and the Cree Nation through a sustainable development approach based on mutual trust and respect during all phases of the project. Comex approval (Quebec government and CREE Nation) of the ESIA remains in progress.
What else?
Another announcement reveals that its existing international financing corporation (IFC) project financing has been supplemented by an additional US$50 million with IDB Invest for Allkem's Sal de Vida Project in Argentina.
Allkem's Managing Director and CEO, Martin Perez de Solay, said:
We are pleased to increase the size of the sustainability-linked green loans for Sal de Vida which combine ambitious environmental and social targets. These targets and commitments support the responsible and sustainable development of lithium for a greener future and regional economic growth in the province of Catamarca.
Voting no to the merger
Failing to hold back Allkem shares today is news that Ausbil is reportedly planning to vote against the company's merger with Livent Corp (NYSE: LTHM).
According to the AFR, the fund manager believes the proposed merger ratio doesn't properly reflect the nature and the size of Allkem's business compared to Livent's.
As things stand, Allem shares will make up 56% of the merged entity, Arcadium Lithium.
However, with a 3.3% stake, Ausbil will need a lot of support if it wants to prevent this lithium M&A deal from going ahead.
