Ganfeng Makes Offer for
Bacanora plans to start production from its Sonora lithium project in 2023.
The world’s largest lithium metals producer,
Ganfeng Lithium offered to buy the
shares it does not already own in Bacanora
Lithium for up to $264.5 million. Bacanora
Lithium and Ganfeng own the open-pit
Sonora Lithium project in Mexico.
Ganfeng, which in February announced
a plan to raise its stake in Bacanora
from 17.41% to 28.88%, will
acquire the remaining shares in the company
for 67.5 pence per share, according
to the companies. The increase in Ganfeng’s
stake to 28.88% is expected to be
completed shortly, it added.
London-listed Bacanora, which aims
to start production from its Sonora lithium
project in 2023, was trading down 1.7% at
44.25 pence around noon on May 6, about
one-third lower than Ganfeng’s offer price.
Ganfeng said in late March it planned
to boost production capacity roughly fivefold
to 600,000 metric tons (mt) of lithium
carbonate equivalent (LCE) annually,
without providing a timeframe.
As featured in Womp 2021 Vol 06 - www.womp-int.com