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Bacanora Lithium in talks with SGRF over investment and offtake

The original agreement with SGRF expired on 16 July 2018

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Lithium will be used to power electric vehicles

Bacanora Lithium PLC (LON:BCN) remains in talks with the State General Reserve Fund of Oman (SGRF) over a US$65mln strategic investment and offtake for the Sonora lithium project in Mexico.

The original agreement with SGRF expired on 16 July 2018.

Bacanora Lithium in talks with SGRF over investment and offtake

READ: Bacanora is in the process of raising US$460mln for Sonora, a process it expects to complete in the next three months

Earlier in March Bacanora said it was in discussions with a number of potential cornerstone investors as part of the funding for Sonora.

 A Feasibility Study last year indicated a US$1.25bn pre-tax net present value with Life-of-Mine costs of approximately US$4,000 per tonne, putting it among the lowest in the industry.

First production scheduled for the second half of 2021.

Quick facts: Bacanora Lithium Ltd

Price: 31.5 GBX

AIM:BCN
Market: AIM
Market Cap: £70.24 m
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