China’s Ganfeng buys 14.9% stake in Lithium Argentina project in $70M deal (NYSE:LAAC)

Lithium Americas Argentina (NYSE:LAAC) +4.5% pre-market Monday, including to Friday’s 6% surge, after saying it accomplished its take care of China’s Ganfeng Lithium (OTCPK:GNENF) (OTCPK:GNENY), which agreed to amass a 14.9% stake within the Proyecto Pastos Grandes lithium venture for $70M.

The sale proceeds will improve the corporate’s monetary stability, scale back short-term debt associated to the Caucharí-Olaroz venture, and supply better flexibility for future growth plans, Lithium Argentina (LAAC) President and CEO Sam Pigott mentioned.

The Pastos Grandes venture is situated throughout the Pastos Grandes basin, which additionally contains the adjoining Sal de la Puna venture and is ~100 km from the Caucharí-Olaroz venture, a three way partnership between Lithium Argentina (LAAC) and Ganfeng Lithium (OTCPK:GNENF) (OTCPK:GNENY).