August 14, 2018 / 3:08 PM / a month ago

BUZZ-Lithium Americas: Jumps on getting new partner for lithium project

** Canada’s Lithium Americas Corp surges ~11 pct, while U.S.-listed shares of Chile’s SQM gain 0.4 pct

** SQM agrees to sell its 50 pct stake in Argentina’s Cauchari-Olaroz project to China’s Ganfeng Lithium for $87.5 mln

** Lithium Americas said deal would boost its project stake to 62.5 pct from 50 pct; Ganfeng to give LAC a $100 mln loan

** Brokerage Eight Capital says the “highly positive” events removes “SQM’s foot dragging from the equation”, while giving LAC control and a committed partner in Ganfeng

** Brokerage adds LAC also gets a strategic partner for other North/South America projects and may help de-risk Nevada

** LAC on track for its best day in three months and cuts YTD losses to ~56 pct (Reporting by Savio D’Souza)

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