International Lithium has announced it agreed to sell its remaining 8.58 percent stake in Argentinian firm Litio Miñera Ar-gentina S.A., the owner of the Mariana lithium salar project in Argen-tina, and its other rights in the project to Ganfeng Lithium Netherlands Co., B.V., a subsidiary of the company’s partner Ganfeng Lithium Co. Ltd. The deal is worth about US$13.16 million in cash.
International Lithium said in a statement it “plans to use part of the USD 10m net sale proceeds from Mariana … to finance the next stages of exploration of the Raleigh Lake lithium and rubidium project in Ontario, Canada. At the same time the Company will also look for additional exploration opportunities.”
John Wisbey, the chairman and chief executive of International Lith-ium, said that the sale provides his company funds for “our other stra-tegic projects including our lithium and rubidium project at our 100% owned Raleigh Lake project near Ignace, Ontario.”