Deal will see the Tokyo-based trader acquiring up to 100% of the output coming from Bacanora’s Sonora lithium project in Mexico.
Salinas Grandes on Argentina Andes is a salt desert in the Jujuy Province. (Image by Ksenia Ragozina | Shutterstock.
Shares in lithium exploration and development company Bacanora Minerals (TSX-V, LON:BCN) were going gangbusters Monday after it announced it had inked a long-term supply deal with Japan’s Hanwa Corporation that will see the Tokyo-based trader acquire up to 100% of the output coming from the Sonora project in Mexico.
The stock climbed 10% to 91.3p in late afternoon trading in London and was up 8.03% to Cdn$1.48 in Toronto on the news at 10:20 am.
Hanwa, a leading Japan-based global trading company and one of the larger traders of battery chemicals in the Asian region, is expected to make an initial 10% cent equity investment in Bacanora in coming weeks, the company said.
This is the third major milestone achieved by Bacanora.
