EnergyX Bids for Galan Lithium's Argentine Assets

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Energy Exploration Technologies Incorporated (San Juan, Puerto Rico), better known as EnergyX, is acquiring assets to find a foothold in Argentina. The company recently made a US$150 million offer to Galan Lithium Limited (West Perth, Western Australia) for its assets and real property at the Salar del Hombre Muerto and Candelas in Argentina.

To date, the offer is unsolicited, confidential, conditional and nonbiding, according to a statement from Galan Lithium. The offer includes US$50 million in cash and US$50 million in EnergyX shares. The remaining US$50 million will be invested in developing the commercial phase at the Hombre Muerto West asset in the Catamarca province .

Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can learn more about Hombre Muerto from a detailed plant profile.

Galan Lithium also will receive a 10% gross revenue royalty for 10 years after the start of production.

"The Galan team has done a fantastic job developing the resource to date, as well as building positive relationships with the Catamarca and Argentinian governments, and surrounding indigenous communities," said EnergyX in a statement. "Galan management's continued involvement in the project would be welcome and encouraged by EnergyX."

The Hombre Muerto West project is Galan's flagship development, located in the Puna plateau near projects owned by other lithium companies. The asset contains a lithium carbonate estimate (LCE) of 6.6 million tons at 880 mg/L.

In its report, Galan expected the first lithium concentrate production from the Hombre Muerto West by the first half of next year. The company has obtained the construction permits for the project.

Meanwhile, the Candelas asset, also located in Catamarca, comprises 14 exploration permits over 24,000 hectares. The indicated reserves of LCE at the project stand at 685,000 tons at 672 mg/lg. Subscribers can learn more from a detailed plant profile.

According to a document from the Argentine Ministry of Mines, the nation has a portfolio of 37 lithium projects across different stages and three operational lithium mines.

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