Lithium Argentina Announces Ganfeng Lithium Agrees To Acquire Interest In Pastos Grandes For $70M
$LAAC
Metal Mining
Basic Materials
- Ganfeng Lithium agrees to acquire $70M in newly issued shares of PGCo, which is expected to represent an approximate 15% interest of PGCo
- Ganfeng Lithium, with support of Lithium Argentina, to undertake preparation of a regional development plan for the Pastos Grandes Basin and PPG, expected to be finalized by the end of 2024
- Technical collaboration ongoing to explore benefits of Ganfeng Lithium's direct lithium extraction ("DLE") technology to complement the existing conventional solar evaporation process at Pastos Grandes
- Proceeds to strengthen the Company's balance sheet and support development and operating activities in Argentina
- Offtake rights for PGCo remain uncommitted; Company is exploring opportunities to bring in new customers and financing to accelerate and support development of a global lithium chemical supply chain
- The Transaction is expected to close in Q2 2024