trending Market Intelligence /marketintelligence/en/news-insights/trending/oVFDJyz3juT9B0-lK7Q9Gg2 content esgSubNav
In This List

ASX-listed Galan Lithium rises after China's Ganfeng becomes shareholder

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Blog

Insight Weekly: CEO pay jumps; yield curve inversion deepens; wind giants lift turbine prices


ASX-listed Galan Lithium rises after China's Ganfeng becomes shareholder

Shares in ASX-listed Galan Lithium Ltd. jumped nearly 18% by Jan. 20 trading close after China's Ganfeng Lithium Co. Ltd. became a shareholder of the company.

Ganfeng joined Galan's register through its GFL International Co. Ltd. unit, a major shareholder of Havelock Mining Investment Ltd.

The announcement was made after Havelock founding partner and Galan shareholder Raymond Liu on Jan. 20 lodged a Form 604 notifying a change in his substantial holdings.

Havelock now owns an indirect 10.64% stake or 16,995,870 shares in Galan while Hongze Group Ltd. now owns an indirect 0.63% stake or 1 million shares in the company.

Galan is focused on exploring lithium brines within South America's lithium triangle on the Hombre Muerto salar in Argentina.

In December 2019, Ganfeng signed a five-year deal to supply lithium to Bayerische Motoren Werke AG.

In October 2019, Ganfeng flagged a yearly drop of 55% to 65% in its full-year 2019 earnings amid falling lithium prices.