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Tuesday, August 14, 2018 - 3:51:41 PM
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Mining News Pro - SANTIAGO – Chile`s SQM, one of the world`s largest lithium producers, said on Monday that it agreed to sell its 50% stake in the Cauchari-Olaroz project in Argentina to China`s Ganfeng Lithium for $87.5-million.
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.
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https://www.miningnews.ir/En/News/237753
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