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 Lithium Americas 'in strong position' to complete Argentina project
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Lithium Americas 'in strong position' to complete Argentina project

by Michael Green
Caucharí-Olaroz project. Photo: Lithium Americas
Lithium Americas is in "a strong position” to complete construction of the Caucharí-Olaroz lithium brine project in Argentina, aided by a fresh investment boost, president and CEO Jon Evans has said.

Canada-based Lithium Americas confirmed yesterday that it had completed a $100m (£75m) at-the-market (ATM) equity offering. Total net proceeds from the ATM programme will be used for working capital and general corporate purposes.

Evans said: "We are very pleased with the outcome of the ATM programme. With over $145m in cash on our balance sheet, the company is in a strong position to complete construction at Caucharí-Olaroz and advance strategic discussions to finance Thacker Pass.”

Lithium Americas issued a total of 9,266,587 common shares from treasury for gross proceeds of around $100m.

Feasibility study

Lithium Americas is a development-stage company with projects in Jujuy, Argentina and Nevada in the US.

In 2019, the company released results of a 40,000 tonnes per annum definitive feasibility study on Caucharí-Olaroz. Earlier this year, Lithium Americas said the project was around 50% complete and represented "one of the few large-scale lithium operations currently in development globally”.

Last August, China’s Ganfeng Lithium finalised a deal that gave it a majority stake in Minera Exar – which it jointly owns with Lithium Americas to develop Caucharí-Olaroz.

Under the terms of that deal, the Chinese lithium compounds company increased its stake in Minera Exar from 50% to 51%, with Lithium Americas owning the remaining 49%.

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