Lithium Americas Corp. (TSX: LAC) (NYSE:
LAC) ("Lithium Americas" or the "Company") is pleased to
announce that it has been advised by Ganfeng Lithium Co.,
Ltd. (together with its subsidiaries, “
Ganfeng
Lithium”) that Ganfeng Lithium has received regulatory
approval from the National Development and Reform Commission
("
NDRC") of the People’s Republic of China
(“
PRC”) in respect to the transaction announced on
February 7, 2020 (the “
Transaction”).
The remaining PRC regulatory approvals,
including approval from the Ministry of Commerce
("MOFCOM") and the State Administration of Foreign
Exchange ("SAFE"), are pending.
As previously disclosed, Ganfeng Lithium has
agreed to subscribe for new shares of Minera Exar S.A.
(“Minera Exar”) for cash consideration of US$16
million, increasing its interest from 50% to 51%, with Lithium
Americas owning the remaining 49%. Minera Exar owns 100% of the
Caucharí-Olaroz lithium project
(“Caucharí-Olaroz”) currently under construction
in Jujuy, Argentina. In addition, Lithium Americas will receive
US$40 million in cash from the proceeds of non-interest-bearing
loans from Ganfeng Lithium. For further information on the
Transaction, please see the news release dated February 7,
2020.
Following the restart of construction activities
at Caucharí-Olaroz in April 2020, the Company is continuing to
assess the impact of COVID-19 restrictions and safety procedures on
the construction schedule and anticipates construction to be
complete by mid-2021. The Company expects to provide a further
update with Q2 2020 results and reaffirms that an increase in
capital costs as a result of COVID-19’s impact on the construction
schedule is expected to be minimal and within the existing
contingency.
About Lithium
Americas:
Lithium Americas is advancing Caucharí-Olaroz
under construction in Jujuy, Argentina and the Thacker Pass lithium
project under development in Nevada, USA. The Company trades on
both the Toronto Stock Exchange and on the New York Stock Exchange,
under the ticker symbol “LAC”.
For further information contact:Lithium Americas
Corp.Investor RelationsSuite 300 – 900 West Hastings
StreetVancouver, BC, V6C 1E5Telephone:
778-656-5820Email: ir@lithiumamericas.comWebsite:
www.lithiumamericas.com
Forward-Looking
Statements:
This news release contains “forward-looking
information” and “forward-looking statements” (which we refer to
collectively as forward-looking information) under the provisions
of applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking information.
Examples of forward-looking information in this news release
include, among other things, statements related to: development of
the Caucharí-Olaroz and Thacker Pass projects, including timing and
budget, completion of construction activities, anticipated
productions, and results thereof; the Company’s response to the
COVID-19 outbreak, the potential impact to the construction and DFS
schedules, and the expected timing for updates on its impact on
such schedules; discussions with vendors and freight forwarders,
and results thereof; the expected benefits from, and approvals
related thereto, of the February 2020 Ganfeng investment agreement;
capital expenditures and programs; estimates of the mineral
resources and reserves at its properties; development of mineral
resources and reserves; government regulation of mining operations
and treatment under governmental and taxation regimes; the timing
and amount of future production; currency exchange and interest
rates; the Company’s ability to raise capital; exploration of
financing options and a potential joint venture partner for Thacker
Pass; expected expenditures to be made by the Company on its
properties; the timing, cost, quantity, capacity and product
quality of production of the Caucharí-Olaroz project, which is held
and operated through the Company’s joint venture with Ganfeng;
successful operations of the Ganfeng co-ownership structure;
ability to produce high quality battery grade lithium carbonate;
the timing, cost, quantity, capacity and product quality of
production at the Thacker Pass project; results of the Company’s
engineering, design permitting program at the Thacker Pass project,
including that the Company meets deadlines set forth herein and
receives permits as anticipated; successful results from the
Company’s testing facility and third-party tests related thereto;
capital costs, operating costs, sustaining capital requirements,
timing, results and completion of the Thacker Pass feasibility
study; funding of project permitting and DFS costs for the Thacker
Pass project; the Company’s share of the expected capital
expenditures for the construction of the Caucharí-Olaroz project;
ability to achieve capital cost efficiencies; and stability and
inflation related to the Argentine peso, whether the Argentine
government implements additional foreign exchange and capital
controls, and the effect of current or any additional regulations
on the Company’s operations.
Forward-looking information is based upon a
number of factors and assumptions that, if untrue, could cause the
actual results, performances or achievements of the Company to be
materially different from future results, performances or
achievements expressed or implied by such information. Such
information reflects the Company’s current views with respect to
future events and is necessarily based upon a number of assumptions
that, while considered reasonable by the Company today, are
inherently subject to significant uncertainties and contingences.
These assumptions include, among others, forecasted demand for
lithium products, including pricing thereof, the Company’s ability
to fund, advance and develop the Caucharí-Olaroz project and the
Thacker Pass project into production, including results therefrom
and timing thereof, the impacts of COVID-19 globally and in the
jurisdictions in which we operate, and on the availability and
movement of personnel, supplies and equipment, timing of regulatory
approvals and permits, and on third parties we are in a contractual
relationship with regarding the preparation of the DFS and with
respect to construction activities at the Caucharí-Olaroz project,
accuracy of mineral resources, including whether such mineral
resources can ever be converted into reserves, reliability of
technical data, accuracy of current budget and construction
estimates, that pending patents will be approved, ability to
achieve commercial production, general economic conditions,
maintenance of a positive business relationship with Ganfeng,
timely responses from governmental agencies responsible for
reviewing and considering the Company’s permitting activities, the
Company position in a competitive environment, and a stable and
supportive legislative, regulatory and community environment.
Forward-looking information also involve known
and unknown risks that may cause actual results to differ
materially, these risks include, among others, inherent risks in
development of capital intensive mineral projects (including as
co-owners), variations in mineral resources and mineral reserves,
global demand for lithium, recovery rates and lithium pricing,
risks associated with successfully securing adequate financing,
changes in project parameters and funding thereof, risks related to
growth of lithium markets and pricing for products thereof, changes
in legislation, governmental or community policy, political risk
associated with foreign operations, permitting risk, including
receipt of new permits and maintenance of existing permits, title
and access risk, cost overruns, unpredictable weather and
maintenance of natural resources, unanticipated delays,
intellectual property risks, currency and interest rate
fluctuations, operational risks, health and safety risks, and
general market and industry conditions. Additional risks,
assumptions and other factors are set out in the Company’s
management discussion analysis and most recent annual information
form, copies of which are available on SEDAR at www.sedar.com.
Although the Company has attempted to identify
important risks and assumptions, given the inherent uncertainties
in such forward-looking information, there may be other factors
that cause results to differ materially. Forward-looking
information is made as of the date hereof and the Company does not
intend, and expressly disclaims any obligation to, update or revise
the forward-looking information contained in this news release,
except as required by law. Accordingly, readers are cautioned not
to place undue reliance on forward-looking information.
Lithium Americas (NYSE:LAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lithium Americas (NYSE:LAC)
Historical Stock Chart
From Apr 2023 to Apr 2024