Bacanora Lithium plc (AIM: BCN), a lithium development company provides the following update in respect of proposed Mexican Government legislation.
On 1 October 2021, the Mexican Government submitted to Congress a proposal for constitutional changes with the primary objective of strengthening the state electricity company. As part of these reforms future lithium concessions would be held by the state.
The new reforms will not affect lithium licenses already granted to private companies provided exploration work had already commenced and all license requirements had been met.
It is the view of Bacanora that it has met these requirements including the commencement of early construction activities at the Sonora Lithium Project. The Company will keep shareholders advised on any further developments.
For further information please visit www.bacanoralithium.com or contact:
Bacanora Lithium plc
Peter Secker, CEO
Janet Blas, CFO
Notes to editors
Bacanora Lithium Plc is an AIM-listed (ticker ‘BCN’) lithium development company. The Company is focused on building, in collaboration with its major shareholder and offtake partner, Ganfeng Lithium (the world’s largest lithium metals producer), a 35,000 tonne per annum open pit lithium carbonate operation at its flagship asset, the Sonora Lithium Project in Mexico. The Sonora Lithium Project has 8.8 million tonnes of lithium carbonate (Li2CO3) equivalent resources, with an approximate 250-year resource life, as detailed in its December 2017 Feasibility Study.
Sonora Lithium Ltd (“SLL”) is the operational holding company for the Sonora Lithium Project and is owned 50% by Bacanora and 50% by Ganfeng Lithium Co., Ltd. SLL owns 100% of the La Ventana concession. The La Ventana concession accounts for 88% of the mined ore feed in the Sonora Feasibility Study which covers the initial 19 years of the project mine life. SLL also owns 70% of the El Sauz and Fleur concessions.
Bacanora also owns 35.5% of Zinnwald Lithium Plc (AIM: ZNWD), which in turn owns the Zinnwald Lithium Project and the Falkenhaim, Altenberg and Sadisdorf Licences in southern Saxony, Germany.
The contents of this announcement have been prepared by and are the sole responsibility of Bacanora.
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