China’s Ganfeng Lithium, one of the country’s top producers of the battery metal, has bought Chilean producer SQM’s stake in the Cauchari-Olaroz project in Argentina for $87.5m.
Ganfeng will own 37.5 per cent of the brine project, which is expected to start production in 2020, with the rest held by Canada’s Lithium Americas. Ganfeng will also provide a $100m loan to fund its development.
The acquisition comes ahead of Ganfeng’s initial public offering in Hong Kong, which is expected to raise around $1bn, and is the latest Chinese purchase of a lithium project in South America, following an offer by Tianqi Lithium to buy 24 per cent of SQM for $4.1bn last year.
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