Aerial photo taken on April 1, 2022 shows a ship collecting crude salt on a salt lake in northwest China's Qinghai Province. (Xinhua/Zhang Long)
BEIJING, June 17 (Xinhua) -- Zangge Mining Company Limited (000408.SZ), a Chinese company for manufacturing lithium and potassium using salt lake resources, announced late Thursday that it has reached an agreement with Ultra Lithium Inc. (ULC) and Ultra Argentina S.R.L. (ULA) on Laguna Verde saline lithium project through its wholly-owned subsidiary Zangge Mining Investment Co., Ltd.
Zangge Mining has agreed to pay ULC with 10 million U.S. dollars to acquire part of ULC's holding in ULA. In addition, Zangge Mining will invest 40 million U.S. dollars over time in ULA, and is expected to hold 65 percent stake in ULA after all above-mentioned transactions complete.
ULA will conduct the Laguna Verde saline lithium project and also serve as the platform for the future saline lithium projects in Argentina, according to the deal. (Edited by Zhong Xinpei, Niu Huizhe with Xinhua Silk Road, niuhuizhe@xinhua.org)
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