SMM Network News: Ganfeng Lithium Industry issued an announcement that the company examined and passed the "motion on approving the financial assistance provided by the wholly-owned subsidiary Ganfeng International to the holding subsidiary Exar Capital through the holding subsidiary Minera Exar" at the meeting on November 30th, 2020, and agreed that the wholly-owned subsidiary GFL International Co.,Limitied (referred to as "Ganfeng International") would provide financial assistance of no more than 100 million US dollars to the holding subsidiary Exar Capital BV ((referred to as "Exar Capital"). And through Exar Capital, the financial assistance will be provided to the holding subsidiary Minera Exar of Argentina (referred to as "Minera Exar") to promote the development and construction of the Cauchari-Olaroz lithium salt lake project of Minera Exar.
The purpose of this transaction is to help promote the production progress of Minera Exar's Cauchari-Olaroz Lithium Salt Lake project in Jujuy province, Argentina, which is conducive to the company's business expansion, improve its core competitiveness, and is in line with the company's upstream and downstream integration and new energy vehicle industry development strategy.
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