14 Jan Galan Lithium to acquire 80% of Greenbushes South project in WA
ASX-listed Galan Lithium has entered into an asset acquisition agreement with Lithium Australia for an 80% interest in the Greenbushes South Lithium project in Western Australia (WA).
Under the agreement, Galan will issue 1,221,000 fully paid ordinary shares to Lithium Australia and will solely fund expenditure until a preliminary feasibility study is completed for Greenbushes South.
The project was initially bought by ASX-listed Lithium Australia due to its proximity to the Greenbushes lithium mine – currently the largest hard rock lithium mine in the world.
The spodumene concentrate produced at Greenbushes currently feeds conversion plants in China and WA.
“We are delighted to acquire a significant majority stake in a highly prospective lithium project in a world-renowned lithium district and increase our existing lithium exploration ground at Greenbushes in Western Australia,” said Galan’s managing director Juan Pablo Vargas de la Vega.
“We have secured an outstanding exploration opportunity in Western Australia to add to our existing portfolio of assets in Argentina that have a potential production profile.”
Galan holds two lithium brine projects in Argentina totalling around 25,000 hectares.