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Bacanora reaches agreement on shape of joint venture at Zinnwald

Bacanora is a major player in the emergent European lithium sector

Bacanora Lithium Ltd -

Bacanora Lithium PLC (LON:BCN) has reached agreement with the administrators of Solarworld AG to amend a joint venture agreement which relates to the Zinnwald lithium project in southeast Germany. 

 Bacanora acquired an initial 50% interest in the project in February 2017, as well as an option to acquire the outstanding 50% that it does not own, whilst Solarworld had the right, but not obligation, to buy back Bacanora's shareholding for €1.

Bacanora and Solarworld have now agreed to cancel this arrangement. As a result Bacanora will now own 50% of the project and Solarworld, which is currently in administration, will hold the other 50%.

Bacanora has committed to provide a minimum of €1.35mln in funding to the project over the next two years to progress the development of Zinnwald.

“We fully believe that Zinnwald has the potential to become a leading supplier to the European battery industry," said Bacanora chief Peter Secker.

Separately, Bacanora revealed that it has changed its accounting reference date from 30 June to 31 December.

Quick facts: Bacanora Lithium Ltd

Price: 22.25 GBX

Market: AIM
Market Cap: £49.61 m

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