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Bacanora Lithium said Ganfeng had completed its strategic investment in the company after receiving the last of the relevant approvals.
Completion of the last of the relevant approvals had now been obtained and Bacanora had now received the £21,963,740 of funds from Ganfeng in exchange for a 29.99% equity interest in the company and a 22.5% joint venture investment directly in the Sonora Lithium.
Ganfeng recently said it would advance the development of Bacanora's Sonora lithium clay project during the second half of 2019, the company said.
The Bacanora project team in Mexico, meanwhile, continued to progress the final design work for the mine, concentrator and kiln sections of the processing plant, the company said. While the Ganfeng technical team had initiated work on the hydrometallurgical circuit and was reviewing sourcing key sections of the lithium production equipment from current equipment suppliers in China.
At 9:42am: (LON:BCN) Bacanora Minerals Ltd Ord Npv di share price was +6p at 40.5p