MercoPress. South Atlantic News Agency

China trusts Argentina and acquires 50% of lithium brine project in Jujuy

Ganfeng, based China's Jiangxi province, is one of the world's biggest producers of lithium, a key ingredient in rechargeable batteries, and a supplier of Telsa

China's Ganfeng Lithium , said on Sunday it had completed a US$ 160 million deal to raise its stake in the Cauchari-Olaroz lithium brine project in the northern province of Jujuy, Argentina to 50%.

Ganfeng, based in southeastern China's Jiangxi province, is one of the world's biggest producers of lithium, a key ingredient in rechargeable batteries, and a supplier of electric carmaker Tesla.

It bought a 37.5% stake in the Cauchari-Olaroz project from Chile's Sociedad Quimica y Minera , or SQM, in 2018 and said in April its Ganfeng Lithium Netherlands Co unit would subscribe for new shares in the operating joint venture (JV) Minera Exar to raise this to 50%.

Its JV partner in Cauchari-Olaroz is Toronto-listed Lithium Americas Corp , which says the project is on track to start production in 2020.