On August 9, Ganfeng Lithium announced that the company has received notice from its subsidiary Shanghai Ganfeng that Shanghai Ganfeng has completed the offer to acquire Bacanora Company. At present, Shanghai Ganfeng holds 100% equity of Bacanora Company. Bacanora's Sonora project is one of the largest lithium resource projects in the world, with a total lithium resource of about 8.82 million tons of lithium equivalent carbonate.
Ganfeng Lithium has long planned to take a 100% stake in Bacanora and the Sonora project. As early as June 2019, Ganfeng Lithium announced that the company or Shanghai Ganfeng agreed to subscribe the new shares of Bacanora with its own capital of 144,0091 million pounds, and to invest at the company level of Sonora project with its own capital of 7,563,649 million pounds. After the transaction was completed at that time, Shanghai Ganfeng holds no more than 29.99% equity of Bacanora and no more than 22.5% equity of Sonora project.
In May 2021, Ganfeng Lithium agreed to a tender offer for Bacanora by Shanghai Ganfeng for no more than £190 million. In late 2021, Ganfeng Lithium said it received notice from Shanghai Ganfeng that the Mexican government had approved the offer. Recently, Shanghai Ganfeng has completed the tender offer for Bacanora Company, currently holds 100% of the shares of Bacanora Company. The reporter noted that Ganfeng Lithium also raised its stake in the Sonora project from 22.5% to 50%.
Ganfeng Lithium is not the only active lithium industry, Zijin Mining, Xzangqomolangma, Jinyuan Shares and other mining enterprises, Ningde Times and other head power battery enterprises, as well as Tesla and other Oems have also laid out global lithium resource projects. This is all due to the high demand of the global electric vehicle market, power battery "lithium shortage" is becoming one of the serious constraints.
According to a July report from the International Energy Agency, the world will need 60 new lithium mines by 2030 to meet national decarbonisation plans. However, the lithium mining project is the most time-consuming part of the power battery production process, and the capacity gap is still large.
