Latin Resources Ltd. said Feb. 16 that it signed a binding term sheet with Kontrarian Resources Fund No. 1 to acquire five lithium concessions covering 44,177 hectares in Argentina's San Luis province that are near the company's existing concession applications.

Latin Resources will pay A$3.5 million in cash and shares to the vendor and spend A$1 million on exploration within 18 months.

The acquisition expands the company's landholding in Argentina to 294,000 hectares.

In November 2017, Latin Resources secured approval for its environmental impact report submitted in March 2017 for its Maria del Huerto lithium project, also in the San Luis province.