Ganfeng Lithium Industry spent US $13.16 million to acquire 8.58% stake in Mariana Lithium Mine and get another 10% ownership.

SMM, Sept. 24 / PRNewswire-FirstCall-Asianet /-- International Lithium Corporation said Tuesday it has agreed to sell its remaining 8.58 percent stake in the Mariana (Mariana) lithium salt project in Argentina to a subsidiary of its joint venture partner Ganfeng Lithium Industry.

Not only that, it is reported that the international lithium industry will also sell its other rights in the Mariana project, including an additional 10% ownership. It also means that Ganfeng Lithium will acquire 10 per cent ownership of the Mariana Lithium Mine in Argentina as well as an 8.58 per cent stake.

As a consideration, Ganfeng Lithium will pay 13.16 million US dollars in cash to International Lithium Co., Ltd. After International Lithium sold its shares in its lithium mine and received the payment from Ganfeng Lithium, it will immediately repay another subsidiary of Ganfeng Lithium for exploration costs of $2 million it borrowed in 2014, with an additional 10 per cent accrued interest per year.

According to public data, the Mariana project includes a lithium brine deposit located in the Salta Lithium Triangle in Argentina, with an estimated 4.41 million tons of LCE (Lithium Carbonate equivalent) measurement and indication resources, and 786000 tons of inferred LCE, making it one of the largest lithium deposits in the world.