Bacanora buys 50% stake in German lithium project
JOHANNESBURG (miningweekly.com) – Aim- and TSX-V-listed Bacanora will acquire a 50% stake in the Zinnwald lithium project, in Germany, from European solar panel producer SolarWorld for €5-million, plus an undertaking to invest a further €5-million on a feasibility study (FS).
The FS is expected to take 18 to 24 months to complete.
Bacanora also has a two-year option to gain full control of the project for a further €30-million.
“The project fits with both our corporate strategy to develop and operate integrated lithium projects to produce high-value lithium products, and also the commercial overlay which drives our acquisition strategy," chairperson Mark Hohnen said in a statement on Tuesday.
He added that Zinnwald provides the company with exposure to a new geographic market and adds hard rock mineralisation to its portfolio.
The Zinnwald project is located in a granite belt that has historically been mined for tin, tungsten and lithium in southern Saxony.
The project benefits from access to the growing market for lithium in Germany driven by a new-found demand owing to its use in automotive engines in electric cars, renewable-energy storage and the chemicals industry.
Bacanora said its entry into Germany will provide the company with potential access to new markets, complementing the potential target markets for production from its Sonora project in Mexico, where an FS is on track for completion this year, as well as likely diversifying risk.
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