- Write by:
-
Tuesday, July 12, 2022 - 13:55:04
-
748 Visit
-
Print
Mining News Pro - China’s biggest lithium compounds producer Ganfeng Lithium Co Ltd said on Monday it will buy Argentina-focused Lithea Inc for up to $962 million as it seeks to secure access to more resources for production of key battery metals.
Privately owned Lithea owns rights to two lithium salt lakes in Argentina’s mineral-rich Salta province.
The deal comes amid a rush to secure lithium resources as demand for the metal soars on expectations of rapid growth in electric vehicle demand.
The deal would help Ganfeng, a supplier of battery-grade lithium to EV makers like Tesla, strengthen “the layout of its upstream lithium resources” and its resource self-sufficiency, it said in a stock exchange statement.
Last year, global lithium production jumped 21%, powered by spiking demand for industry-standard lithium-ion batteries, according to data from the US Geological Survey (USGS).
Argentina, part of the so-called “lithium triangle”, has been trying to attract more investors with new mining infrastructure and tax cuts.
Rio Tinto said in December it would buy the Rincon lithium project in Argentina’s Salta province for $825 million as the global miner builds its battery materials business.
United States-based Lithium Americas Corp also has a lithium project in the same area.
Lithea is owned by LSC Lithium BV, which is in turn owned by Pluspetrol Resource Corp, an oil and gas mining firm.
Short Link:
https://www.miningnews.ir/En/News/621728
Over three decades, Jose Luis Manzano built a reputation for diving into distressed sectors in Argentina and navigating ...
South Korea has started building its lithium inventories to secure supplies of the critical mineral that’s crucial for ...
Chinese carmaker BYD Co has postponed plans to produce lithium cathodes for electric vehicle (EV) batteries in Chile by ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
India is considering offering incentives to encourage private companies to set up lithium processing facilities, as New ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
No comments have been posted yet ...