Business
Bacanora Lithium update on Ganfeng Investment
Bacanora Lithium update on Ganfeng Investment.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6115J Cadence Minerals PLC 20 August 2019 \n\nCadence Minerals Plc\n(\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \nBacanora Lithium (BCN) Update on Strategic Investment by Ganfeng Lithium.\nCadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Bacanora Lithium (AIM:BCN) (\"Bacanora\") on its Investment Agreement and Offtake Agreement ('the Strategic Investment' or 'the Agreements') with leading global lithium company Ganfeng Lithium Co., Ltd. (\"Ganfeng\" or \"GFL\"). As announced on 28 June 2019, the Agreements have been submitted to the relevant authorities in China for approval and completion. \nThe first of the approvals from the PRC Ministry of Commerce (MOFCOM) was received by Ganfeng at the end of July 2019, and Bacanora has now been informed that the second approval has been processed by NDRC (National Development and Reform Commission) and received by Ganfeng. It is anticipated that the final approval from SAFE (State Administration of Foreign Exchange) will be received following a Ganfeng board meeting to be held in the coming weeks. Bacanora will provide further updates once final approval is received. \nCadence Minerals - Holdings in BCN, Mexalit and Megalit:\nBacanora is a lithium exploration and development company. Cadence holds 30% of Mexalit and Megalit joint venture companies and approximately 0.5% of Bacanora's equity. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico.\nSummary of Key Terms of the Ganfeng Strategic Investment:\n· GFL to acquire 29.99% of Bacanora\n· GFL to acquire 22.5% of Sonora Lithium Ltd (\"SLL\"), the holding company for the Sonora Lithium Project\n· Additional long-term offtake at a market-based price per tonne\no 50% of Stage 1 lithium production\no Up to 75% of Stage 2 lithium production\nThe full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/14194708.html\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. \n- Ends -\n \n\n\n\nFor further...