Ganfeng, LAR to consolidate lithium projects in Argentina

Ganfeng Lithium announced that its wholly-owned subsidiary GFL International Co., Ltd. plans to work with Lithium Argentina AG (LAR) to consolidate Millennial Lithium Crop into a joint venture, injecting three lithium mineral assets, namely PPG, PG, and Puna salars (collectively the "PPGS Projects"), for joint development of the Pozuelos-Pastos Grandes basin in Argentina. The collaboration aims to establish a global, large-scale, efficient, and sustainable lithium production and supply chain.

After the consolidation, GFL International and LAR will own 67% and 33% interest in Millennial Lithium, respectively, and jointly hold the PPGS Projects according to their shareholding. Additionally, Ganfeng Lithium will provide LAR with up to USD130 million in financing over six years. Upon completion of the PPGS Projects integration, Millennial Lithium plans to adopt advanced direct lithium extraction technology and develop a three-phase production line with a total annual capacity of 150,000 tonnes of LCE.

Furthermore, once the financing agreement takes effect, LAR agrees to provide Ganfeng Lithium with additional annual offtake, equal to 50% of LAR's post-integration offtake rights in Millennial Lithium or 6,000 tonnes of LCE, whichever is lower.