Ganfeng Continues Lithium Shopping Spree with $280M Acquisition of Millennial Lithium

Written by Nicholas LePan | Jul 16, 2021 3:14:00 PM

Precious Metals - 16 Jul 2021

Gold US $1,824/oz
Silver US $26.22/oz
Platinum US $1,134/oz
Palladium US $2,736/oz

*prices before market open Jul. 16, 2021

Base Metals - 16 Jul 2021

Copper US $9,459/t
Aluminum US $2,519/t
Nickel US $19,015/t
Zinc US $2,945/t
Lead US $2,293/t
Tin US $31,700/t

43-101 Geography

In the past two weeks, there have been several projects with technical reports all over the world. The Prospector Portal Map allows you to see all the projects in the world for this week. Click here to view a map of all the world's technical reports.

What's News This Week?

Ganfeng Continues Lithium Shopping Spree with $280M Acquisition of Millennial Lithium

China’s Ganfeng Lithium announced on Friday it made an ~US$280-million offer to buy Millennial Lithium (TSX: MLE).

Millennial has two non-producing lithium brine projects, the Pastos Grandes and the Cauchari East, in northern Argentina close to Ganfeng’s existing operations in the country.

Millennial in a corporate presentation reported global resources of 4.1 million tonnes Lithium Carbonate Equivalent (LCE) Measured and Indicated Resource.

This deal is one part of Ganfeng's larger plans to increase its lithium production capacity five times to 600,000 tonnes of lithium carbonate equivalent a year.

The company raised $628 million in March, for projects in Mexico and Mali, while adding to stakes in mining and brine operations in Argentina, Australia and China.

Ganfeng increased its stake in Mexico-focused Bacanora Lithium for $264.5 million, as well as stakes in a lithium mine in Mali and a salt lake in China for $130 million and 1.47 billion yuan ($227 million), respectively.

In addition, Ganfeng signed a deal to set up a battery plant in Argentina. The non-binding agreement with Argentina’s Ministry of Productive Development and the Jujuy provincial government, explores the possibility of building a battery plant and further resource exploration or acquisition.

Ganfeng reported it expects first-half net profit to rise up to 922.5% year-on-year to, having earlier forecast a rise of 411.2-666.9%, as the lithium price rally helps fund its expansion plans.

All part of the plan.

Prospector Portal has 136 lithium technical reports.

Click Here to Read the News

Jetti Resources Could Uncover Millions of Tonnes of Copper

70% of the world’s copper resources are estimated to be worth more than $20 trillion, from a particular type of copper ore, sulfide ores.

However, the majority of this ore is too low-grade to actually become copper for the market. But a new technology could change this and give new life to old copper mines.

Colorado-based Jetti Resources has developed a process to unlock this value. The method the company has developed can extract copper from mine waste and lower grade copper ore trapped in sulphide ore usually discarded as waste.

Capstone Mining (TSX: CS) is the first company to test Jetti’s technology at its Pinto Valley open-pit copper mine in Arizona. Capstone first deployed the catalytic technology in mid-2019 to improve copper recovery.

Last year, the Capstone doubled its copper cathode production, since the technology was implemented at the mine’s solvent extraction and electrowinning processing (SX-EW) plant.

Mitsubishi has financed Jetti since 2019 and holds an undisclosed stake in the company. Earlier this month it increased its ownership in the company with a US$50 million investment, alongside other investors such as BHP Ventures, Freeport-McMoRan (NYSE: FCX), and Orion Resources Partners.

Following the round of financing, Jetti has now raised more than US$100 million for the development and deployment of the technology and added industry leaders to its board.

Last year Jetti bolstered its board and management team, with Chip Goodyear, the former CEO of BHP (NYSE: BHP; LSE: BH; ASX: BHP), and Trevor Reid, the former CFO of Anglo-Swiss mining company Xstrata, which was acquired by Glencore (LSE: GLEN) in 2013.

Prospector Portal has 1256 copper technical reports.

Click Here to Read the News

New Technical Reports on Prospector Portal

	Enchi Gold Project 7/13/2021 FOR THE ENCHI GOLD PROJECT Enchi, Ghana Prepared for: Newcore Gold Ltd. Effective Date: June 8, 2021 Signature Date: July 13, 2021 Prepared by the following Qualified Persons: ▪ ▪ ▪ ▪ ▪ Todd McCracken, P. Geo. . BBA E&C Inc. Bahareh Asi, P. Eng. BBA E&C Inc. Mathieu Bélisle, P. Eng.
	Crawford Nickel Sulphide Project 7/9/2021 Crawford Nickel Sulphide Project NI 43-101 Technical Report & Preliminary Economic Assessment Ontario, Canada Effective Date: May 21, 2021 Prepared for: Canada Nickel Company Inc. 130 King St. West Suite 1900 Toronto, Ontario, M5X 1E3 Prepared by: Ausenco Engineering Canada Inc. 11 King St. West Suite 1550 Toronto, Ontario, M5H 4C7 List of Qualified Persons: Paul Staples, P.Eng., Ausenco Engineering Canada Inc.
	Chuchi South Project 7/7/2021 NI 43-101 43-101 TECHNICAL TECHNICAL REPORT NI REPORT on the the on Chuchi South South Project Project Chuchi Central British British Columbia Columbia Central Latitude: 55° 55° 13’ 13' 3”N, 3"N, Longitude: Longitude: 124° 124° 31’ 31' 14” 14"W Latitude: W UTM Zone 10: 10: 403256 403256 E, 6120055 N, UTM Zone E, 6120055 N, NAD83 NAD83 for for Corp.

Share The Weekly with your friends and colleagues!

View full post