Jiangxi Ganfeng Lithium Industry Co., Ltd. announced on August 14 that the board of directors of the company approved the bill on Ganfeng International Investment to establish a wholly-owned subsidiary, the Netherlands Ganfeng, to buy 37.5% of Minera Exar Company of Argentina, which involves mining rights investment, and agreed to a wholly-owned subsidiary of Ganfeng International with its own capital of $85.3 million. The yuan invested in a wholly owned subsidiary in the Netherlands, Ganfeng Holding Corp. (tentative name), and Ganfeng, the Netherlands, will acquire a 50% stake in Mirina Exar, held by Sociedad Quimica y Minera de Chile S.A. (SQM) for $60.3 million after its establishment.

According to the announcement, Minera Exar owns the Cauchy-Olaroz Lithium Salt Lake project in Jujuy Province, Argentina. The first phase of the project is planned to produce 25,000 tons of battery-grade lithium carbonate annually and is scheduled to start production by 2020.