logo-loader
RNS
viewBeacon Minerals Ltd

Update on Strategic Investment by Ganfeng Lithium

/**/ sup{font-size:80%}sub{font-size:80%}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;}link{ color: blue }visited{ color: #954F72 } .as{size:595.3pt 841.9pt;margin:1.0cm 70.9pt 2.0cm 72.0pt;}div.as{}p.ca{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height: 17.0pt; margin-bottom: 0cm; text-align: center}p.cb{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;line-height: 17.0pt}p.cc{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 17.0pt; margin-bottom: 0cm; text-align: center}span.bv{color:black}p.cd{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;text-align: justify;line-height:17.0pt}p.ce{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; line-height: 17.0pt; margin-bottom: 0cm; text-align: justify}p.cf{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 17.0pt; margin-bottom: 0cm; text-align: justify}table.cg{width:460.45pt;margin-left:-5.4pt;border-collapse:collapse;border:none} tr.bo{height:25.5pt}td.br{width:152.0pt;border:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:25.5pt}td.bq{width:158.35pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt;height:25.5pt}td.bp{width:117.7pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt;height:25.5pt}td.bn{width:152.0pt;border:solid windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt}td.bm{width:158.35pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.bl{width:117.7pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.ch{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin:0cm;margin-bottom:.0001pt;text-align:justify; line-height:17.0pt;}span.ci{color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-div: italic; font-weight: bold}p.cj{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic; font-weight: bold; line-height: 17.0pt; margin: 0cm; margin-bottom: .0001pt; page-break-after: avoid; text-align: justify} span.bh{font-size:11.0pt; font-family:"Calibri","sans-serif";color:black}p.ck{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin:0cm;margin-bottom:.0001pt;text-align:justify; line-height:17.0pt}span.bf{font-size:11.0pt;font-family:"Calibri","sans-serif"; color:black}p.cl{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom:0cm; margin-left:36.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:-18.0pt; line-height:17.0pt}span.bd{font-size:9.0pt;font-family:"Calibri","sans-serif"; color:black}span.cm{font-size:11.0pt; font-family:"Calibri","sans-serif";color:black}p.cn{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin:0cm;margin-bottom:.0001pt;text-align:justify; line-height:17.0pt}p.co{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 17.0pt; margin-bottom: 0cm; page-break-after: avoid; text-align: justify; text-decoration: underline}p.cp{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 17.0pt; margin-bottom: 0cm; page-break-after: avoid; text-align: justify}p.cq{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; line-height: 17.0pt; margin-bottom: 0cm; page-break-after: avoid; text-align: justify} span.ay{color:#0563C1}a.ax{font-div: italic}p.cr{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:12.0pt;font-family:"Arial","sans-serif";color:black;text-align:justify;line-height:17.0pt}span.aw{font-size:11.0pt;font-family:"Calibri","sans-serif"; color:windowtext}p.cs{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;text-align: justify;line-height:17.0pt;text-autospace:none}span.at{font-size:11.0pt;font-family:"Calibri","sans-serif"} /**/
RNS Number : 5419J
Bacanora Lithium PLC
20 August 2019
 

 Bacanora Lithium plc / Index: AIM / Epic: BCN / Sector: Natural Resources

20 August 2019

Bacanora Lithium plc ("Bacanora" or the "Company")

 

Update on Strategic Investment by Ganfeng Lithium

 

Bacanora Lithium plc (AIM: BCN), the London traded lithium company, is pleased to provide an update 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.  The first of the approvals, from the PRC Ministry of Commerce (MOFCOM), was received by Ganfeng at the end of July 2019 and we have 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. 

 

Mr. Wang Xiaoshen, the Deputy Chairman of Ganfeng Lithium commented, "We are continuing to progress the approval process in China in order to complete our initial investment in Bacanora Lithium and its Sonora Project.  We are looking forward to working with Bacanora to develop this world-class project.  Our significant investment demonstrates our belief in the viability of the Sonora Project and its ability to become a world class operation and support Ganfeng's strategy of growing to a 100,000tpa lithium producer.  Our technical team is commencing its review to identify areas where Ganfeng can add value to the project delivery.  Ganfeng is committed to supporting Bacanora in its financing and commencing development of the Sonora Project in the coming months."  It is proposed that Mr. Wang will join the Board of Bacanora as a Director upon the completion of the Ganfeng investment.

 

About GFL

 

GFL is the world's third largest and China's largest lithium compounds producer and the world's largest lithium metals producer in terms of production capacity as of 31 December 2017, according to CRU International Limited.  GFL's operations are vertically integrated, encompassing all critical stages of the value chain, including upstream lithium extraction, midstream lithium compounds and metals processing as well as downstream lithium battery production and recycling.  GFL has one of the most comprehensive product offerings split into five major categories of more than 40 lithium compounds and metals products.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

**ENDS**

 

For further information, please contact:

Bacanora Lithium plc

Peter Secker, CEO

Janet Boyce, CFO

[email protected]

Cairn Financial Advisers LLP, Nomad

 

Sandy Jamieson / Liam Murray

 

+44 (0) 20 7213 0880

Citigroup Global Markets, Broker

Tom Reid / Patrick Evans / Matthew Kenney

+44 (0) 20 7986 4000

Canaccord Genuity, Broker

 

James Asensio

 

+44 (0) 20 7523 8000

St Brides Partners, Financial PR Adviser

Frank Buhagiar / Gaby Jenner

+44 (0) 20 7236 1177

 

ABOUT BACANORA LITHIUM:

 

Bacanora owns ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State in Mexico. Seven of these ten mining concessions (the 'Sonora Lithium Project'1) were included in the Feasibility Study announced 12 December 2017.  The Company, through drilling and exploration work to date, has established a Measured plus Indicated Mineral Resource estimate of over 5 Mt (comprising 1.9Mt of Measured Resources and 3.1Mt of Indicated Resources) of LCE2 and an additional Inferred Mineral Resource of 3.7 Mt of LCE.  The Company's Feasibility Study has established Proven Mineral Reserves (in accordance with NI 43-101) of 1.67 Mt and Probable Mineral Reserves of 2.85 Mt LCE and confirmed the economics associated with becoming a 35,000 tpa lithium carbonate and 30,000 tpa SOP producer in Mexico.  In addition to the Sonora Lithium Project, the Company also has a 50% interest in the Zinnwald Lithium Project and the Falkenhain and Altenberg Licences in southern Saxony, Germany.  Each of the Zinnwald Lithium Project, and the Falkenhain and Altenberg Licences are located in a granite hosted Sn/W/Li belt that has been mined historically for tin, tungsten and lithium at different times over the past 300 years. The strategic location of the Zinnwald Lithium Project and the Falkenhain and Altenberg Licences provides close geographical proximity to the German automotive and downstream lithium chemical industries.

 

1.     The Sonora Lithium Project is comprised of the following lithium properties: La Ventana lithium concession, which is 100 percent owned by Bacanora and El Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V. ('Mexilit') which is owned 70 percent by Bacanora and 30 percent by Cadence Minerals Plc.

2.     LCE = lithium carbonate (Li2CO3) equivalent; determined by multiplying Li value in percent by 5.323 to get an equivalent Li2CO3 value in per cent. Use of LCE is to provide data comparable with industry reports and assumes complete conversion of lithium in clays with no recovery or process losses.

 

Cautionary Statement Regarding Forward-Looking Information

 

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.  Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

 

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: commodity price volatility; general economic conditions in the UK, the United States, Mexico and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

 

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

 

IMPORTANT NOTICE

The contents of this announcement have been prepared by and are the sole responsibility of Bacanora.

 

The contents of this announcement have been approved solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 by Citigroup Global Markets Limited, whose registered office is at Citigroup Centre, Canada Square, Canary Wharf, London, E14 5LB. Citigroup Global Markets Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, and Canaccord Genuity Limited, which is authorised and regulated by the Financial Conduct Authority, are each acting exclusively for Bacanora and no one else in connection with the Project, and will not regard any other person as their client in relation to the Project and will not be responsible to anyone other than Bacanora for providing the protections afforded to their respective clients, nor for providing advice in relation to the Project or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

 

None of Citigroup Global Markets Limited, Canaccord Genuity Limited nor any of their respective subsidiary undertakings, affiliates or any of their respective partners, directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to Bacanora, or any of their subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection with it. Each of Citigroup Global Markets and Canaccord Genuity, Broker (together, the "Banks") is acting exclusively for Bacanora and no one else in connection with any matter referred to in this announcement and will not be responsible to anyone other than Bacanora for providing the protections afforded to their respective clients nor for providing advice in relation to any matter referred to in this announcement. Neither the Banks nor any of their respective subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of the Banks in connection with this announcement, any statements contained herein or otherwise.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
UPDPLMATMBIBBFL

Quick facts: Beacon Minerals Ltd

Price: 0.033

Market: ASX
Market Cap: $94.33 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

RNS