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Mexican lithium developer acquired by Ganfeng Lithium for $264.5 million

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(Kitco News) - AIM-listed Bacanora Lithium (LON: BCN) announced Thursday it has agreed to a $264.5 million acquisition by its offtake partner, Ganfeng Lithium.

Bacanora was up 26% to GBX57.00.

According to a 2018 feasibility study, Bacanora's Sonora Lithium can produce 35,000 tonnes of battery-grade lithium per annum. The project is 100,000 hectares and located in the northeast of Sonora State in Mexico.

Ganfeng is the world's largest lithium metals producer. The company has supply agreements with VW, BMW and LG Chemical.

In March, Ganfeng raised its equity interest in Bacanora' Sonora to 50%.

On Ganfeng's website, it says that the company also has investments in Pilbara Minerals and Lithium Americas.

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