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Canada-based mining firm Lithium Americas plans to separate its business units in North America and Argentina into two independent public companies by the end of 2023.

Following a months-long review, the decision will result in the creation of Lithium International and Lithium Americas (NewCo).

Lithium International will own Lithium Americas’ 44.8% stake in Caucharí-Olaroz and a 100% stake in the Pastos Grandes lithium brine project in Salta.

It will also hold Lithium America’s 17% investment in Arena Minerals.

Furthermore, Lithium Americas (NewCo) will hold Lithium Americas’ 100% stake in Thacker Pass in Nevada, US, as well as investments in Green Technology Metals and Ascend Elements.

Lithium Americas president and CEO Jonathan Evans said: “Following a comprehensive review of the merits of separating Lithium Americas into two public entities, we have reinforced our beliefs that separating the North American and Argentine businesses will facilitate unlocking the full potential of their significant asset base to deliver maximum value to our shareholders and other stakeholders.

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“Upon completion of the separation, Lithium Americas shareholders will retain ownership in two leading lithium businesses – one of the largest known lithium developments in North America, which is central to the US domestic supply chain, and a near-term producing portfolio with significant growth from two high-quality projects in Argentina.”

Lithium Americas anticipates the two new business units to benefit from enhanced operating flexibility and strategic focus needed to drive long-term growth.

The separate North American and Argentine businesses are planned to be publicly listed in Toronto and New York by the end of 2023.

The separation is subject to approvals from the board, stock exchanges, shareholders, and the Canada Revenue Agency, among others.