Bacanora Lithium

Ganfeng Lithium, China's largest lithium compounds producer, is tightening its grip on the battery raw materials market by agreeing to buy a 30% stake in Mexico-focused Bacanora Lithium.

London-listed Bacanora has signed a non-binding agreement for Ganfeng to pay £14.4 million (US$18.3m) in cash for the stake— in addition to the Chinese firm taking an initial 22.5% direct interest in northern Mexico’s Sonora Lithium Project for £7,563,649, with an option to increase its stake up to 50%.