SMM9 March 16: it is reported that Ningde Times will buy more than 10 million shares of Neo Lithium, making it the company's third largest shareholder.
Ningde Times will also have a seat on Neo Lithium's board of directors and serve as a member of the company's technical committee, which will help Neo draft a feasibility study for its Tres Quebradas lithium project in the province of Catamarca in northern Argentina. The company hopes the project will initially produce 20,000 tons of lithium.
The deal is expected to be completed later this year with Chinese government approval. BlackRock will continue to be the largest shareholder in Neo Lithium.
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