Blanco Minerals Inc. today announces that the completion of a new audit on the company has resulted in a further increase in the company's value.
Vancouver, Canada, February 18, 2020 --(PR.com)-- The latest company audited valuation managed by PricewaterhouseCoopers LLP commenced in January 2020 following the commitment of a USD $39 investment into Blanco Minerals by Tesla Inc. in December 2019. The completion of the company valuation has given a result that shows the common shares of Blanco Minerals Inc. has risen in audited value from USD $3.92 per share up to USD $5.15 per share.
The new valuation does not only take into account the USD $39 million investment from Tesla Inc. that was announced in December 2019. Blanco Minerals Inc. can now confirm that the company's project in Jujuy Province, Argentina has commenced production that began at the beginning of January 2020. The Argentina project was boosted by a USD $68.5 million investment from South Korean lithium-ion battery manufacturers LG Chem that was received in September 2019.
The newly completed valuation is the second in 3 months that resulted in significant increases in company value. On November 20, 2019, Blanco Minerals Inc. announced that a re-evaluation that had then been completed saw the common shares audited value rise from USD $2.65 up to USD $3.92 per share. The latest increase in value to USD $5.15 per share confirms a faster than previously forecasted growth rate.
Blanco Minerals Inc. CEO, Peter Ross commented today, "The result of the latest company valuation is more great news for our shareholders. All of those that invest in the company realize that we are in a prime position to be in the forefront to take advantage of the massively important future of the lithium industry. As we get nearer to our IPO listing next month, we are more certain than ever before that all our shareholders will be well rewarded for their belief in us."
Peter Ross continued by saying, "We sincerely thank our global partners and investors for their loyal support to the organization. Extra special thanks go to Tesla Inc. and LG Chem for their highly valued financial support that have lead to our projects being much further ahead in development than was expected. The Argentina project has advanced into production much faster than we ever imagined because of the huge financial package from LG Chem. Tesla's cash infusion will bring operations in Mexico into production by June, that would never be achievable without their support."
Further announcements are forthcoming as the IPO listing of Blanco Minerals approaches in March 2020.
About the Company:
Blanco Minerals Inc. controls the Salar De Arena Rica Lithium Brine Project, located in the Atacama Region of Northern Chile, in a joint venture partnership with SQM, The company also maintains a large lithium brine project in Jujuy Province in northwest Argentina. Furthermore, Blanco Minerals Inc. is developing the largest lithium project in North America at Zacatecas State, Mexico.
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