Home / Metal News / Cobalt & Lithium / Ganfeng Lithium to acquires 8.58% Stake in An Argentine Mining Company
Ganfeng Lithium to acquires 8.58% Stake in An Argentine Mining Company
Oct 21, 2021 11:41CST
Source:SMM
Ganfeng Lithium (002460) announced that it intends to acquire 8.58% equity interest in Litio from International Lithium Corp. ("International Lithium") to through its wholly-owned subsidy Ganfeng Lithium Netherlands CO., B.V. (“Ganfeng Lithium Netherlands”).

SHANGHAI, Oct 21 (SMM) - Ganfeng Lithium (002460) announced that it intends to acquire 8.58% equity interest in Litio from International Lithium Corp. ("International Lithium") to through its wholly-owned subsidy Ganfeng Lithium Netherlands CO., B.V. (“Ganfeng Lithium Netherlands”).

The total amount of the transaction is approximately US$13.178 million, with Ganfeng Lithium contributing US$10 million and the remainder being the proceeds from the waiver of past development loans and interest from Ganfeng International, a wholly-owned subsidiary of the Company, to International Lithium. Upon the completion of this transaction, Ganfeng Lithium indirectly holds 100% of Litio and its Mariana Lithium Salt Lake Project.

It is reported that Litio, whose main business is mineral exploration and investment, has a 100% interest in the Mariana lithium salt lake project located in Salta Province, Argentina. The Mariana Project currently holds 18 mining and exploration licences in Salta Province, Argentina, covering a total area of 32,436 hectares, with the main product being lithium compounds produced from lithium-bearing brines.

The Mariana Project currently has a planned capacity of 20,000 mt per annum of lithium chloride in Phase I. The capacity of the project is still under construction. The Mariana Project is currently estimated to have a combined proven and inferred resource of 8.12 million mt of LCE, valued at approximately $1.222 million.

According to SMM recent research, the lithium iron manufacturers have increased their inquiries for lithium carbonate. On the fundamentals, the market supply will tighten in November-December amid the released demand for lithium iron phosphate & the fall in supply in winter in Qinghai. And the lithium carbonate prices will continue to move up.

lithium carbonate
lithium iron phosphate

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news