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Lithium Americas has released its financial and operational results for Q3 2018, which includes the company increasing its interest in Minera Exar S.A. from 50 percent to 62.5 percent.
Lithium Americas (TSX,NYSE:LAC) has released its financial and operating results for Q3 2018.
Highlights are as follows:
On October 31, 2018, Lithium Americas completed a series of transactions with subsidiaries of Jiangxi Ganfeng Lithium Co., Ltd. and Sociedad Química y Minera de Chile S.A. with respect to the Cauchari-Olaroz lithium project in Jujuy, Argentina.
As a result of the Transaction, Lithium Americas increased its interest in Minera Exar S.A., the holding company for Cauchari-Olaroz, to 62.5 percent from 50 percent with Ganfeng holding the remaining 37.5 percent.
Development activities are on schedule with the advancement of detailed engineering, ponds construction, production wells drilling, camp construction, plant design and supply purchases to support the start of Stage 1 production in 2020. No delay is anticipated to the production schedule as a result of the transaction.
The first evaporation pond was completed and commenced filling with brine in October 2018.
Engineering is continuing and is on track to support the first bid packages for plant construction during the fourth quarter of 2018.