CNGR Netherlands New Energy Technology (CNNET) has secured all necessary Chinese regulatory approvals to acquire Lithium Energy’s 90% stake in the Solaroz Lithium Brine Project in Argentina for $63m (€57.98m).

CNNET, a subsidiary of the Chinese listed company CNGR Advanced Material, is one of the world’s largest producers of precursor cathode active materials, which are essential components in the battery materials supply chain.

The acquisition of the Solaroz Project aligns with CNNET’s strategic interests in the lithium sector.

The completion of the sale is contingent upon several conditions precedent, including the approval of Lithium Energy’s shareholders, regulatory consents in China and Argentina, and environmental and concession-related approvals for the Solaroz Project.

These conditions are expected to be met or waived within six months from the sale agreement date, with a possible 60-day extension.

Lithium Energy has announced plans to convene a general meeting next month to seek shareholder approval for the proposed sale.

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The company has confirmed receiving notification from CNGR that all necessary Chinese overseas direct investment and foreign exchange control regulatory approvals have been obtained.

The Solaroz Lithium Project comprises 12,000ha of mineral concessions hosting a significant lithium discovery located within the Salar de Olaroz Basin in South America’s ‘Lithium Triangle’ in north-west Argentina.

Argentina is said to hold one of the world’s biggest lithium brine resources and is currently the world’s third-largest producer of lithium after Australia and Chile.