{"id":1204444,"date":"2020-08-28T11:49:49","date_gmt":"2020-08-28T16:49:49","guid":{"rendered":"https:\/\/www.mining.com\/?p=1034125"},"modified":"2020-08-28T11:49:49","modified_gmt":"2020-08-28T16:49:49","slug":"lithium-americas-completes-jv-restructuring-shares-up","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1204444","title":{"rendered":"Lithium Americas completes JV restructuring, shares up"},"content":{"rendered":"

Lithium Americas (TSX, NYSE: LAC) has completed its previously arranged transaction<\/a> with partner Ganfeng Lithium Co. Ltd. in respect of their ownership structure on the Cauchar\u00ed-Olaroz lithium project currently under development in Jujuy, Argentina.<\/p>\n

As per the prior agreement, Ganfeng has subscribed for new shares of Minera Exar SA, the joint venture company that holds the Cauchar\u00ed-Olaroz project, for cash consideration of $16 million. <\/p>\n

\n
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The Cauchar\u00ed-Olaroz project represents one of the few large-scale lithium operations currently in development globally<\/p>\n<\/blockquote>\n<\/figure>\n

This would increase the Chinese lithium miner’s interest in the JV to 51%, with Lithium Americas owning the remaining 49%. The Cauchar\u00ed-Olaroz project was previously a 50\/50 JV between the companies.<\/p>\n

Additionally, Lithium Americas has received $40 million in cash from the proceeds of a non-interest-bearing loan from Ganfeng.<\/p>\n

\u201cThe transaction with Ganfeng Lithium further strengthens our long-term partnership in Argentina as we work together to bring Cauchar\u00ed-Olaroz into production,\u201d Lithium Americas president and CEO Jon Evans commented in a press release<\/a>. <\/p>\n

\u201cWith an additional $40 million in cash on our balance sheet and over $200 million in available capital to fund our share of Cauchar\u00ed-Olaroz, Lithium Americas remains in a strong financial position as we advance both of our projects,” he added.<\/p>\n

Last week, the company announced that construction activities at Cauchar\u00ed-Olaroz is set to resume<\/a> after experiencing delays with the project due to the coronavirus pandemic. The operation was first suspended in March<\/a> to comply with government restrictions, and was forced to halt work once again in July when two workers tested positive for covid-19.<\/p>\n

Slated to begin production in 2021, the Cauchar\u00ed-Olaroz project is approximately 50% complete and represents one of the few large-scale lithium operations currently in development globally.<\/p>\n

Shares of Lithium Americas soared 9.5% by 12:30 p.m. EDT Friday. The Vancouver-based miner has a market capitalization of approximately C$903.85 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Partner Ganfeng Lithium will now own 51% of the Caucharí-Olaroz project.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1016,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204444"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1204444"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204444\/revisions"}],"predecessor-version":[{"id":1204454,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204444\/revisions\/1204454"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1204444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1204444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1204444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}