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Snapshot: Ganfeng Lithium's growing LatAm footprint
![Snapshot: Ganfeng Lithium's growing LatAm footprint](https://cdnimg.bnamericas.com/BxAuLGNoKoRrBWYopPWTuQsKtYjTuCwkdTqbSdinZbwJjxwPAKwjkVqFdPxLXDUo.jpg)
China’s Ganfeng Lithium, which has large operations in Latin America, has until September 27 to modify its Millennial Lithium takeover offer, after the world’s largest electric vehicles battery maker, Contemporary Amperex Technology (CATL), submitted a higher proposal.
Millennial and Ganfeng reached a Cdn$353mn (US$276mn) definitive agreement in July, but on September 8 Millennial reported receiving a Cdn$377mn unsolicited, non-binding proposal from CATL.
Although Ganfeng has not publicly commented, Bloomberg reported the company does not want to enter a bidding war, but focus on expansion plans in the Latin America lithium industry.
Earlier this week, Ganfeng took full control of the Mariana potash-lithium brine project in Argentina’s Salta province after paying International Lithium US$13.2mn. Earlier this year, Ganfeng announced a US$580mn investment in the project through its Litio Minera Argentina subsidiary, of which it previously owned 90%.
Mariana has obtained the environmental impact report approval in July and construction is expected to start this year.
Ganfeng also plans to conclude this year most of the work on the Cauchari-Olaroz project in Jujuy province and start commissioning production next year. The joint project with Vancouver-based Lithium Americas and Jemse is Ganfeng’s biggest regional asset, containing total resources of 24.6Mt of lithium carbonate equivalent (LCE).
Cauchari-Olaroz is set to produce 40,000t/y of lithium carbonate in its first stage while adding another 20,000t/y from 2025. More details on the expansion are expected to be announced this quarter.
Ganfeng said in its H1 report that construction of the Sonora lithium clay project in Mexico will accelerate, “endeavoring to make it a leading project in the field of lithium extraction from clay.”
Last month, UK-based Bacanora accepted Ganfeng’s US$392mn takeover bid, adding the US$420mn Sonora project to the latter’s global lithium portfolio. Sonora hosts total resources of 8.82Mt LCE and is set to become Mexico’s first large-scale lithium producer.
Photo credit: International Lithium
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