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Lithium Americas secures US$112M for Cauchari-Olaroz lithium project


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Lithium Americas secures US$112M for Cauchari-Olaroz lithium project

Canada's Lithium Americas Corp. has landed a US$112 million investment by The Bangchak Petroleum Public Co. Ltd. to fund the construction of its Cauchari-Olaroz lithium project in Argentina.

Lithium Americas said Jan. 19 that BCP Innovation Pte Ltd., a subsidiary of The Bangchak Petroleum Public, has agreed to subscribe for 50 million shares at 85 Canadian cents each for a total cost of C$42.5 million.

BCP Innovation will also provide the company with a six-year US$80 million project debt facility.

In addition to the funding commitment, BCP Innovation has agreed to purchase 15% of Lithium Americas' share of lithium carbonate production from stage one of the Cauchari-Olaroz project.

As a result of the deal, BCP Innovation will have the right to one nominee on Lithium Americas' board.

Lithium Americas has now raised US$286 million after completing an investment deal with Ganfeng Lithium just two days earlier.

Vice Chairman and President John Kanellitsas said the two deals will satisfy the financing requirements for Lithium America's 50% share of stage one of the Cauchari-Olaroz joint venture.