The bid of Canadian company Millennial is higher than that of Ganfeng Lithium Industry in Chuanningde era.

According to foreign media reports, as China competes to ensure the supply of key materials for electric vehicle batteries, the bidding war for Canadian mining company Millennium Lithium is heating up. Ningde Times, the world's largest maker of electric car batteries, has made a C $377 million (US $298 million) offer for Millennium, according to people familiar with the matter.

On Sept. 8, Millennium said it had received a non-binding offer of C $3.85 a share from a foreign lithium battery maker, but did not name the company.

In July, Ganfeng Lithium announced that it would buy Millennial Lithium for C $353 million (C $3.60 per share). Now Millennial thinks the new offer is more advantageous and informs Ganfeng Lithium that it can change the agreement by Sept. 27.

Millennial has also attracted Luoyang Molybdenum Group, which may consider a joint bid with Ningde Times, according to people familiar with the matter. Discussions are ongoing and it is uncertain whether bidders will continue to make binding bids, according to people familiar with the matter. Neither Millennial nor Ningde Times responded to requests for comment.

A representative of Luoyang Molybdenum said the company had been concerned about investment opportunities in energy metals such as lithium, but declined to comment on whether to bid for Millennial.

Millennial, which specializes in exploring and developing brine lithium extraction projects in Argentina, has about 4.12 million tons of measured and indicated lithium carbonate equivalent, according to a report in June.