Ganfeng Lithium finances Mt Marion JV with AUD150m boost

Ganfeng Lithium announced that it will provide financial assistance of up to AUD150M to Mt Marion Lithium Pty Ltd, its joint venture focused on lithium mining in Western Australia. Approved during the company’s sixth board meeting, this infusion aims to bolster the daily operations of the Mt Marion lithium project. The financing, provided in proportion to shareholdings by Ganfeng and PMI, will be at a fixed annual interest rate of 7% over a five-year term. Ganfeng notes that Chairman Li Liangbin and Vice Chairman Wang Xiaoshen serve as directors at Mt Marion Lithium, making the transaction a related party deal. The company further disclosed that the accumulated financial assistance provided to Mt Marion Lithium, up to this announcement, amounted to approximately CNY383.67 million. Ganfeng emphasized that this financial support is crucial for securing high-quality lithium raw materials.