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The date is in the file name - 24th September 2021
Comparing with Thacker Pass clay project which Ganfeng are involved with then Phase 1: 40ktpa/ Phase 2: 80ktpa.
Might explain those land purchases....
https://www.lithiumamericas.com/news/lithium-americas-expands-resource-at-thacker-pass-and-increases-phase-1-capacity-to-target-40000-tpa-lithium-carbonate
"Increased Phase 1 capacity of ongoing Feasibility Study to target 40,000 tpa lithium carbonate."
"Incorporating Phase 2 to target additional 40,000 tpa capacity. Feasibility Study is being designed to incorporate a potential Phase 2 expansion scenario to target total capacity of *80,000 tpa* to meet potential partner and customer demand."
I couldn't find a date on that "interim report" by Ganfeng, but the financials are for the period ending 30 June 2021. To be a leading project in clay extraction these days wouldn't take much, would it? Because it would be the only one in operation.
Bacanora Lithium plc (AIM: BCN), a lithium development company, today announces an update to the level of acceptances and the level of ownership by Ganfeng International Trading (Shanghai) Limited ("Ganfeng") in the Company as at 1.00 pm (London time) on 20 January 2022. Bacanora Shareholders are also reminded that Tuesday 25th January 2022 will be the last day of trading for the Company's shares on the AIM Market, as with effect from 7.00am (London time) on 26th January 2022 admission of the Company's shares on AIM will be cancelled.
Ganfeng shareholding in Bacanora
Ganfeng has received valid acceptances of 235,987,368 Bacanora Shares in relation to their Offer. Once all related shares have been transferred, including Bacanora Shares accepted into the Offer by option holders under the Rule 15 Letters, Ganfeng will accordingly own 349,491,378 shares in Bacanora equating to 90.3% of the issued share capital.
Level of Acceptances for Satisfaction of Compulsory Acquisition
If Ganfeng receives acceptances under the Offer in respect of, and/or otherwise acquires, both 90 per cent. or more in value of the Bacanora Shares to which the Offer relates (as defined in the Companies Act 2006 (as amended) (the "Act")) and 90 per cent. or more of the voting rights carried by those Bacanora Shares, Ganfeng intends to exercise its rights in accordance with sections 974 to 991 of the Act to acquire compulsorily the remaining Bacanora Shares on the same terms as the Offer. Based on the figures noted above, Ganfeng has currently received valid acceptances equivalent to 86.2% of the Bacanora Shares to which the Offer relates.
“The Company will further accelerate the construction of the Mexico Sonora lithium clay project, endeavouring to make it a leading project in the field of extraction of lithium from clay across the globe.”
https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0924/2021092400651.pdf
So how big would it need to be, to count as a "a leading clay project globally"? Surely way more than 35ktpa? Great news for KDNC.
"Ganfeng is reviewing a lithium plant production rate above the previously planned 17,500 tonnes per year." and "additional 500 hectares of land acquired at the eastern end of the plant site location to allow for future plant expansions" says yes, they will want KDNC's 30% share of the JV's and especially since we are led to believe they don't have the 3% royalty claim on them.
https://polaris.brighterir.com/public/bacanora_lithium/news/rns/story/rg846zw
done deal now, will they buy the KDNC share next to get 100% of it all? Surely they will?!
BB - I have about 50% of the value of what I had in BCN in ZNWD and bought way before the forced sell-out of BCN. ZNWD is a perfectly nice little investment but yes it is a shame that prat Secker has anything to do with it !
"the Aussies haven't figured out how to get lithium from rocks."
Only because it hasn't been worth their while. Nobody was extracting Lithium from brine using DLE, but they are now. Necessity is the mother of invention. Now the value of the end product has soared every man and his dog are looking at ways to extract Lithium from various sources. I doubt Tesla bought 10,00 acres of Nevada without doing their homework on Lithium extraction from clay.
LAC is not a bad stock, reasonable people can disagree about whether there are better junior lithium miners. I bought BCN because of the Ganfeng involvement (and made a profit). There are those who claim that LAC doesn't know how to extract lithium from clay without Chinese technology controlled by Ganfeng, but I don't think it's that difficult. On the other hand, the Aussies haven't figured out how to get lithium from rocks.
Ganfeng own 19.9% of LAC so a major shareholder but not anywhere near enough to cause problems. Ganfeng own 46.7% of Cauchari-Olaroz but there are really good safeguards built into the JV agreement which would prevent Ganfeng from taking control or blocking any development unlike Sonora. LAC own 100% Thacker Pass in the USA. The US government will not allow Thacker Pass to become controlled by a Chinese company so Ganfeng are unlikely to be able to buy LAC on the cheap unlike Bacanora.
@ mrcautious -- What are you doing with your ZNWD shares? Did you notice that Peter Secker, non-executive director, was just granted an option to buy 150,000 shares for £0.1810 by 15 January 2027?
And of course LAC's major shareholder is Ganfeng. If you can't beat them, join them.
I sold out of Bacanora in August and invested in LAC, sold some LAC shares at a high and now hold £56,701 of LAC shares at a cost of £26,435. I feel sorry for all the investors who held on hoping for better things. The investors were totally screwed by the BOD who are employed to look after the investors interests.
I have been waiting over a week for about £10k from BCN and have told HL to chase. Its one thing being forced to liquidate an investment on the cheap but when they make you wait for the cash its like beeing kicked in the goolies as well as slapped in the face !
I lost faith in holding out on Friday and sold; moved the money into COPL and am up 14% this morning.
My first rule of investing is don't have principles, have profits. It just took me a while to remember that.
Over and out.
I have thrown in the towel also I thought long and hard and couldnt see anything good for me coming out of this situation and seeing such a large sum of cash lying idle for a further indeterminate period got too much for me. Funny thing is I just read a newsletter from Dear Retail Investers talking about how good Li miners are as an ongoing investment. They didnt mention BCN but it does make whats happened grate further. I wrote numerous emails and a letter to Secker and never got any response. So I will go on considering he is a corrupt feck of a man forever !!
You wouldn't be here if you didn't have a dog in this fight...
And don't say you enjoy trolling, because you've been here for the better part of a year, now.
Pot calls kettle black. Unlike others, I've never raised funds off this fiasco.
Perhaps you ought to let it go?
I mean, I'm guessing your contract runs until the end of January?
So they need about 16 million more to reach 90%. With more than 200,000 being traded daily for less than 67.5p, it still might take them a while. I'd be embarrassed if I were the British broker industry, with all the reports of shares being tendered but still in accounts. Not to mention ShareSoc, for ignoring the problem.
Why would they be embarrassed? They won, they have 93% of the project (directly or indirectly) at absolutely rock bottom price. With 93% have enough clout to sell all of the lithium to themselves at cost. BCN board have their brown paper envelopes in their back pockets. Sounds like total success to me Like everyone here I appreciate what you did Dee but it time to stop railing against it. Its over.
After all these deadline extensions, they still can't get to 90%?
I've be embarrassed if I were Ganfeng or the BCN board.
@ fozdog It's a shame what BHL wants to do in Nevada at Spencer Hot Springs, a perfectly good location for nude bathing and now they want to chase people away. As for the Arizona clay sites, the competing companies are traded in Sydney and Toronto, and it's difficult to predict which has the better prospects. Lots of lithium in that area, but not enough hydrogen oxide.
Not my cappuccino foz. Too early stage, odd company history, a feeding frenzy of potential new small investors at present and no doubt a seemingly never ending series of cash raises to come. However I wish all that go down that route nothing but success - I'm usually wrong so you will probably be pleased I came to my conclusion!
nice pump