Ganfeng Lithium to pay $70M for 15% of Lithium Americas’ Pastos Grandes

Lithium Argentina (TSX: LAAC; NYSE: LAAC), the recent spinout of Lithium Americas (TSX:…


Lithium Argentina (TSX: LAAC; NYSE: LAAC), the recent spinout of Lithium Americas (TSX: LAC; NYSE: LAC), says it is selling 15% of its Pastos Grande project in Argentina to a subsidiary of China’s Ganfeng Lithium for $70 million.

Ganfeng’s investment will go toward the purchase of newly issued shares of Proyecto Pastos Grandes SA, Lithium Argentina’s local subsidiary.

Lithium Argentina is already partners with Ganfeng at the Cauchari-Olaroz lithium mine, which began production last June. Ganfeng holds 46.7% of the brine operation with Lithium Argentina holding 44.8%.

Lithium Americas split its South American assets off last fall to separate its development-stage Thacker Pass project in Nevada. The lithium clay project could benefit from U.S. government funding for battery metals production, and General Motors has invested US$650 million into Thacker Pass in return for exclusive rights to the first 10 years of lithium carbonate output.

Lithium Americas acquired Pastos Grande in 2022. The property is in the Salta province, adjacent to Ganfeng’s Pozuelos-Pastos Grande project and 100 km from Cauchari-Olaroz.

The Pastos Grande feasibility study is being updated. The project is permitted, and this year’s development budget is $30 million.

Visit www.Lithium-Argentina.com.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *