Lithium Americas starts filling of ponds in Cauchari-Olaroz

lithium_cauchari_olaroz

Lithium Americas Corp. announced several important operating and corporate steps related to Cauchari Olaroz lithium project, located in Jujuy province, also as the completed transaction with Ganfeng Lithium Co. Ltd.

  • On October 31, 2018, Lithium Americas completed a series of transactions with subsidiaries of Jiangxi Ganfeng Lithium Co., Ltd. (“Ganfeng”) and Sociedad Química y Minera de Chile S.A. (“SQM”) with respect to the Cauchari-Olaroz lithium project in Jujuy province.
  • As a result of the Transaction, Lithium Americas increased its interest in Minera Exar S.A., the holding company for Cauchari-Olaroz, to 62.5% from 50% with Ganfeng holding the remaining 37.5%.
  • Development activities are on schedule with the advancement of detailed engineering, ponds construction, production wells drilling, camp construction, plant design and supply purchases to support the start of Stage 1 production in 2020. No delay is anticipated to the production schedule as a result of the Transaction.
  • The first evaporation pond was completed and commenced filling with brine in October 2018.
  • A total of $41 million has been advanced to Minera Exar during the first nine months of 2018 (including $22.5 million by the Company) in the form of equity contributions and loans. An additional $12 million was advanced to Minera Exar subsequent to the quarter ended September 30, 2018 (including $9 million by the Company).
  • Minera Exar has increased the size of its team and there are approximately 180 full-time Minera Exar employees and over 200 additional contractors working on Cauchari-Olaroz in Argentina.
  • Initial Stage 1 capital cost estimate of $425 million, on a 100% basis and before value-added taxes (“VAT”), remains unchanged.

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