Ganfeng Lithium Co. Ltd. and Lithium Americas Corp. will invest US$230 million in their Minera Exar SA joint venture, which operates the Cauchari-Olaroz lithium project in Argentina, according to a statement Ganfeng filed March 8.
Ganfeng said its wholly-owned subsidiary GFL International Co. Ltd. will commit a maximum of US$100 million this year to fund Cauchari-Olaroz and Lithium Americas, which owns 62.5% in Miner Exar, will pay for the remaining amount. GFL International in August 2018 bought a 37.5% stake in Minera Exar from Sociedad Quimica y Minera de Chile SA for US$87.5 million.
Ganfeng said the construction of the campsite, mines and salt ponds started at the Carchari-Olaroz project in the first quarter. It is expected to enter production in the first half of 2020 with an annual capacity of 25,000 tonnes of lithium carbonate.