Blanco Minerals Receives Further Cash Boost
Blanco Minerals Inc. can announce today that LG Chem Ltd. is injecting an additional USD $27 million cash investment into the company. The purpose of the latest capital investment is for further development in Blanco Minerals’ large lithium mining site located in Jujuy Province, Argentina. The timing of this announcement will have a significant positive impact.
- (1888PressRelease) February 28, 2020 - Vancouver, BC - In regards to the IPO stock listing, Blanco Minerals Inc. confirms today that the IPO date has been revised from the previously approved date of Thursday, March 5, 2020 to the new date of Tuesday, April 7, 2020. The extension to the listing date is to enable legally required documentation pertaining to the new cash investment from LG Chem Ltd. to be filed with the market regulators.
The latest USD $27 million cash investment from LG Chem Ltd. follows on from the initial USD $68.5 million investment that was confirmed on September 30, 2019. The previous investment allowed the project in Argentina to since come into production in 3 of 14 salt water brine salars. The latest USD $27 million investment will further enhance the development of the mining operation and allow a further 3 salars to reach production by June 2020. The entire project in Jujuy province is estimated to reach full production levels by the end of 2021.
LG Chem Ltd. are the world's largest manufacturer of lithium-ion batteries. The South Korean Corporation makes Electric Vehicle Batteries for General Motors, Ford, Renault, Hyundai and Volvo. LG Chem also supply several major global corporations with lithium batteries used in electronic products, these companies include LG Electronics, Motorola and Dyson among several others.
The demand and importance of lithium as a vital mineral for environmentally clean energy technology remains essential and the demand will continue to grow rapidly for many years to come. All of the shareholders in Blanco Minerals Inc. are now in a position to be rewarded as the company moves forward to go public with the IPO. It is of the opinion of all involved that the long term prospect of the company is extremely positive and the company will be a vital supplier of lithium mineral for many years.
About the Company:
Blanco Minerals Inc. controls the Salar De Arena Rica Lithium Brine Project, located in the Atacama Region of Northern Chile, in a joint venture partnership with SQM, The company also maintains a large lithium brine project in Jujuy Province in northwest Argentina. Blanco Minerals Inc. is developing the largest lithium project in North America at Zacatecas State, Mexico.
For further information contact: investors ( @ ) blancominerals dot com
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