Bacanora Lithium PLC (“Bacanora”) is an AIM listed company which is focused on building, a 35 tonne per annum open pit battery grade lithium operation at its flagship asset, the Sonora Lithium Project in Mexico. China’s Ganfeng Lithium, which is one of the world’s top producers of the battery metal, will proceed with a takeover of Bacanora with Bacanora having received US$391 million offer. The deal is not finalised as it still requires approval from shareholders of Bacanora holding more than 50% of the shares in Bacanora as well as Mexican antitrust approval. The bid from Ganfeng Lithium comes on the back of soaring lithium prices which has been the catalyst for many other deals including the merger of Australia’s Galaxy Resources and Orocobre.
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