UPDATE 1-Ganfeng Lithium plans to buy stake in Proyecto Pastos Grandes

Reuters03-05

(Adds details, changes slug)

BEIJING, March 5 (Reuters) - Ganfeng Lithium said on Tuesday it plans to buy a stake of at least 14.8% in a subsidiary of Lithium Americas Argentina Corp , as China's leading lithium producer ramps up its efforts to secure resources.

Ganfeng Lithium will subscribe to up to $70 million worth of new shares in Proyecto Pastos Grandes S.A.(PGCO), with the proceeds to be used for the development of the Pastos Grandes lithium salt lake project in Argentina, the company said in a filing to the Shenzhen Stock Exchange.

The deal, pending regulatory approval, would give Ganfeng more access to resources in Argentina where it already owns the Cauchari-Olaroz lithium project and the Ganfeng Mariana Salt Lake Project.

Established in 2016, PGCO owns two lithium projects in Argentina - the Pastos Grandes lithium project and Cauchari East lithium project, according to Ganfeng.

(Reporting by Ella Cao, Siyi Liu and Ryan Woo; editing by Louise Heavens and Jason Neely)

((Ella.Cao@thomsonreuters.com;))

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