Lithium Argentina Announces Ganfeng Lithium Agrees To Acquire Interest In Pastos Grandes For $70M
Portfolio Pulse from Benzinga Newsdesk
Ganfeng Lithium agrees to acquire a 15% interest in PGCo, a subsidiary of Lithium Argentina (LAAC), for $70M. The investment will support the development of the Pastos Grandes Basin with a focus on utilizing Ganfeng's DLE technology. The deal, expected to close in Q2 2024, aims to enhance LAAC's balance sheet and foster the global lithium supply chain.
March 05, 2024 | 2:29 pm
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Lithium Argentina's subsidiary PGCo to receive a $70M investment from Ganfeng Lithium for a 15% stake, aiming to advance the Pastos Grandes project.
The investment from Ganfeng Lithium is significant for Lithium Argentina as it not only provides financial resources to strengthen its balance sheet but also brings technical collaboration for the development of the Pastos Grandes project. The use of DLE technology could potentially enhance the project's efficiency and output, making this partnership strategically important. The deal is expected to have a positive impact on LAAC's stock in the short term due to the financial infusion and the technological and strategic partnership with Ganfeng Lithium.
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