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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.

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