The deal also stipulates that Ganfeng will pay SQM an additional $50-million if the project`s goals for selling lithium are met, SQM said in a statement.

The transaction is expected to be completed in the fourth quarter, SQM added.

Canada`s Lithium Americas Corp (LAC) said in a separate statement that its stake in Cauchari-Olaroz would rise to 62.5% from 50% now as a result of the deal.

Ganfeng, which will own 37.5% of the project, also agreed to give LAC a $100-million loan, allowing it to pay for its part in initial capital expenditures.
The transaction is expected to be completed in the fourth quarter, SQM added.

Canada`s Lithium Americas Corp (LAC) said in a separate statement that its stake in Cauchari-Olaroz would rise to 62.5% from 50% now as a result of the deal. Ganfeng, which will own 37.5% of the project, also agreed to give LAC a $100-million loan, allowing it to pay for its part in initial capital expenditures.