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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Ganfeng Lithium Co Ltd    002460   CNE100000SF6

GANFENG LITHIUM CO LTD

(002460)
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Ganfeng Lithium : Cadence Minerals Plc - Bacanora Lithium Completion of Strategic Investment by Ganfeng Lithium and Board Changes

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10/15/2019 | 09:50am EST

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Bacanora Lithium (AIM: BCN) ('Bacanora') on the Strategic Investment by leading global lithium company Ganfeng Lithium Co., Ltd. ('Ganfeng' or 'GFL').

As announced on 28 June 2019, the signed Investment Agreement and Offtake Agreement, which together make up the Strategic Investment, were submitted to the relevant authorities in China for approval. Completion of the last of the relevant approvals has now been obtained and Bacanora has now received the GBP21,963,740 of funds from Ganfeng in exchange for a 29.99% equity interest in Bacanora Lithium PLC and a 22.5% JV investment directly in the Sonora Lithium Project ('Sonora'). It is expected that the 57,600,364 shares in Bacanora will be admitted to trading on or around 18 October 2019.

Cadence Minerals - Holdings in BCN, Mexalit and Megalit

Bacanora is a lithium exploration and development company. Cadence holds 30% of Mexalit and Megalit joint venture companies and approximately 0.5% of Bacanora's equity. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico.

Update on Ganfeng and current activities at Sonora.

Ganfeng has recently announced its intention to proactively advance the development of Bacanora's Sonora lithium clay project during the second half of 2019 with a number of initiatives. These will support Ganfeng's target of 200,000 tonnes per annum lithium carbonate equivalent production capacity by 2025, although final capacity expansion will be based on changes in, and assessment of, future market demand for lithium products.

The Bacanora project team in Mexico continues to progress the final design work for the mine, concentrator and kiln sections of the processing plant. The Ganfeng technical team has initiated work on the hydrometallurgical circuit and is reviewing sourcing key sections of the lithium production equipment from current equipment suppliers in China.

Changes to Board of Directors

Mr. Wang Xiaoshen, the Vice President of Ganfeng and the vice-chairman of its board of directors, is today appointed a director of Bacanora Lithium plc.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Contact:

Tel: +44 (0) 207 440 0647

Forward-Looking Statements

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as 'believe' 'could' 'should' 'envisage' 'estimate' 'intend' 'may' 'plan' 'will' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
BACANORA LITHIUM PLC 3.03% 34 Delayed Quote.37.50%
GANFENG LITHIUM CO LTD End-of-day quote.
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Financials (CNY)
Sales 2019 5 830 M
EBIT 2019 863 M
Net income 2019 514 M
Debt 2019 1 563 M
Yield 2019 0,30%
P/E ratio 2019 71,0x
P/E ratio 2020 29,0x
EV / Sales2019 6,19x
EV / Sales2020 5,61x
Capitalization 34 552 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Average target price 22,56  CNY
Last Close Price 28,74  CNY
Spread / Highest target 18,3%
Spread / Average Target -21,5%
Spread / Lowest Target -51,3%
EPS Revisions
Managers
NameTitle
Liang Bin Li Chairman & President
Yong Gong Chairman-Supervisory Board
Man Ying Yang Chief Financial Officer & Vice President
Xiao Shen Wang Vice Chairman & Vice President
Hai Bo Shen Executive Director & Vice President
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