SMM10, March 15: Bacanora announced on Monday that China's Ganfeng Lithium Industry's previously announced strategic investment had been completed and all necessary approvals had been completed.
The deal helped Bacanora's shares rise more than 50 per cent this year, rising to their highest level in a month after the deal was announced on Monday.
It has received £21963740 from Ganfeng Lithium in exchange for a 29.99 per cent stake and a 22.5 per cent joint venture (JV) to invest directly in the Sonora Lithium project.
As the production of battery minerals tests traditional mining skills, Bacanora's Soola lithium project in Mexico is one of many projects that are lagging behind, and the market continues to fluctuate due to uncertainty in supply and demand.
Measured and marked with an estimated lithium carbonate equivalent of more than 5 million tons ("mountain") of mineral resources (including 1.9 million tons of measured resources and 3.1 million tons of indicated resources), as well as 3.7 million tons of additional inferred mineral resources of LCE, Sonora is considered to be one of the largest known clay lithium deposits in the world.
Ganfeng Lithium Industry plans to actively promote the progress of the Bacanara Sonora lithium project in the second half of 2019. By Monday afternoon, Bancora had traded more than 1.7 million times and had a market capitalisation of 47.9 million euros.
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