09:13 AM EDT, 08/16/2024 (MT Newswires) -- Lithium Americas (Argentina) ( LAAC ) said Friday that it has completed an agreement with a unit of Ganfeng Lithium, whereby the Ganfeng unit bought $70 million new shares of Lithium Americas' Argentinian unit holding the Pastos Grandes project, Proyecto Pastos Grandes.

The Ganfeng unit's investment represents a 15% stake in the Lithium Americas unit and the project, Lithium Americas said.

Lithium Americas said the proceeds will be used to strengthen its balance sheet and lower its short-term debt at Cauchari-Olaroz, its jointly owned project with Ganfeng Lithium.

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