feb 1, 2020 - China's Ganfeng Lithium Co. procured a 51 percent share of Lithium Americas Corp’s project in northern Argentina, taking control over the project

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China’s Ganfeng Lithium Co said on Friday it will take control of an Argentina lithium project it has been developing with Lithium Americas Corp , cementing its control over a key source of the white metal for electric vehicle batteries.

The move helps Lithium Americas cut its debt - up more than eight times in the past year - and also reduce its exposure to recession-hit Argentina as it tries to develop another lithium project in Nevada.

It also helps Ganfeng, which counts BMW, Tesla Inc and LG Chem Ltd as key customers, expand its dominance over the EV supply chain.

The deal, which is set to close before August, is an about-face for Lithium Americas, which had said last spring that it had no interest in selling more than 50 percent of its stake in the Cauchari-Olaroz project in Argentina’s far north.

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