Lithium Americas clinches Ganfeng investment
Lithium Americas completed the closing of an investment agreement with GFL International, a subsidiary of China's Jiangxi Ganfeng Lithium, under which Ganfeng agreed to provide the company with US$172mn in financing.
The funding agreement will allow Lithium Americas to begin construction of the Cauchari-Olaroz lithium project, a 50:50 JV with Chilean lithium and fertilizer group SQM.
In exchange for the US$172mn in financing, Ganfeng will now own approximately 19.7% of the outstanding common shares of Lithium Americas, becoming its single largest shareholder, CEO Tom Hodgson said in a statement.
The company separately announced the appointment of Wang Xiaoshen and Jonathan Evans as independent directors of the company, while Lenard Boggio and Nicole Adshead-Bell have voluntarily stepped down.
The Cauchari-Olaroz project is on schedule to be in operation in 2019. The US$425mn project is intended to produce 25,000t/y in a first phase, while a second phase, aimed at doubling production, will require US$250mn in additional investment.
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