TORONTO, Nov. 23, 2012 /CNW/ – Chengdu Tianqi Industry (Group) Co., Ltd.
(“Tianqi“) and Windfield Holdings Pty Ltd (“Windfield“), a wholly-owned subsidiary of Tianqi, today announced that they have received formal advice from Australia’s Foreign
Investment Review Board that the Australian Government has no
objections to the proposed acquisition by Windfield of a 100% interest
in Talison Lithium Limited (“Talison‘).

Tianqi and Windfield currently own 17,143,422 or 14.99% of the issued
and outstanding shares in Talison. With Australian foreign investment
clearance now obtained, Windfield may now proceed to settle on an
additional 5,734,611 shares whose purchase was subject to foreign
investment clearance. Upon settlement of these purchases, Tianqi and
Windfield will own 22,878,033 shares or 19.99% of the issued and
outstanding shares in Talison.

Furthermore, Tianqi and Windfield now have the right to vote, or direct
the voting of, all of the 22,878,033 shares and intends to vote, or
cause to be voted, all them against Rockwood’s proposed scheme of
arrangement.

An early warning report will be filed on SEDAR and will be available for
review at www.sedar.com under Talison’s profile.

Tianqi’s financial adviser is RedBridge Grant Samuel, its tax and
accounting adviser is PricewaterhouseCoopers, and its legal advisers
are Linklaters and ZhongLun in China, Allens in Australia and Stikeman Elliott in Canada.

Further Information About Tianqi:

Tianqi is a privately held Chinese company founded in 2003. Its business activities are primarily conducted through the following
subsidiaries:

• Sichuan Tianqi Lithium Industries, Inc. – a Chinese company listed on the Shenzhen Stock Exchange, engaged in
  the production of lithium carbonate and other lithium products from
  chemical-grade lithium concentrates sourced from Talison;
• Sichuan Tianqi Industry Co., Ltd. – a distributor of technical grade lithium concentrates, as the sole
  distributor for Talison in China;
• Chengdu Tianqi Machinery, Metals & Minerals Import & Export Co., Ltd. – provides spare parts and accessories for machinery and electrical
  equipment used in the construction, packing and agriculture sectors;
  and
• Chengdu Sendasun Agricultural Machinery Co., Ltd. – undertakes research, development, manufacturing and sales of
  agricultural equipment.

Tianqi and its subsidiaries conduct their operations mainly from China,
but have customers, business partners and suppliers in various
countries around the world, including Europe, Australia, the United
States and Japan.

More information about Tianqi is available from the following website: www.tianqigroup.cn/en/Index/aboutus.html.

SOURCE Chengdu Tianqi Industry Group Co., Ltd