China’s Ganfeng Lithium is planning to invest up to $70 million to acquire a minority stake in an Argentine lithium mining company, Proyecto Pastos Grandes. Ganfeng Lithium will purchase at least 14.8% of Proyecto Pastos Grandes’ total equity.

The investment aims to support the development of Proyecto Pastos Grandes’ lithium salt lake project in Argentina, which primarily produces battery-grade lithium carbonate for lithium battery cathodes.

This move will not only expand Ganfeng Lithium’s lithium resources but also contribute to the integration and development of its existing lithium salt-lake project in Argentina. The investment is part of Ganfeng Lithium’s strategy to secure a stable supply of lithium resources amid the rising demand for electric vehicle batteries.