Ganfeng takes stake in Lithium Argentina project

This investment equates to a 14.9% ownership stake in the Pastos Grandes lithium project, located in Salta, Argentina.

“The completion of this transaction is a pivotal advancement for both Lithium Argentina and Ganfeng Lithium. It underscores our joint dedication to innovation and the responsible progression of the global clean energy transition,” said Lithium Argentina president and CEO Sam Pigott.

He further noted that the proceeds from the sale would enhance the company’s financial stability, reduce short-term debt related to the Caucharí-Olaroz project, and provide greater flexibility for future expansion plans.

The Pastos Grandes project, which Lithium Argentina acquired through its purchase of Millennial Lithium in early 2022, is situated within the Pastos Grandes basin. This basin also includes the adjacent Sal de la Puna project and is located about 100 km from the Caucharí-Olaroz project, a joint venture between Lithium Argentina and Ganfeng Lithium.

Lithium Argentina and Ganfeng Lithium are progressing with a regional development plan for the Pozuelos-Pastos Grandes project and the broader Pastos Grandes basin, with anticipated results to be released by the end of 2024.