The board of International Lithium Corp. has agreed the sale of its remaining 8.58% stake in Litio Miñera Argentina S.A. (LMA), the company which owns the Mariana lithium salar project in Argentina, and also to sell its other rights in the project, including the right to acquire a further 10% in the Mariana project.
The legal entity acquiring is Ganfeng Lithium Netherlands Co., B.V., a subsidiary of the company’s partner Ganfeng Lithium Co. Ltd, and it will purchase the interest for about US$13.16 million (approximately CAN$16.8 million) payable in cash.
Immediately following the sale, ILC will repay to another Ganfeng subsidiary, GFL International Co., Ltd, an exploration loan taken by the company from GFL in 2014 of US$2.0 million, plus accrued interest at 10% p.a. After repaying the exploration loan plus interest, ILC will be left with US$10 million (approximately CAN$12.8 million) from the transaction.
Read the article online at: https://www.globalminingreview.com/mining/23092021/international-lithium-to-sell-its-last-mariana-stake-to-ganfeng/