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IN BRIEF: Bacanora Lithium stake in Zinnwald Lithium reduced

Tue, 22nd Jun 2021 20:30

Bacanora Lithium PLC - developer of Sonora lithium project in Mexico - Notes Zinnwald Lithium PLC's acquisition of remaining 50% of Deutsche Lithium GmbH. Zinnwald said that it has entered into a binding agreement to acquire the 50% of Deutsche Lithium that it does not already own for a total of EUR8.8 million. As such, Bacanora's shareholding in Zinnwald will decrease to 36% from 44%. Bacanora will maintain its right to appoint one director to the board of Zinnwald.

In addition, Bacanora says it continues to engage with RK Mine Finance over its debt facility agreement.

Also says it continues to work with its joint venture partner, Ganfeng Lithium Co Ltd to mitigate the impact of Covid-19 safety protocols on project construction at Sonora project site in Mexico.

Current stock price: 57.00 pence

Year-to-date change: down 11%

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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