On April 21, Jiangsu Longpan Science and Technology issued two consecutive foreign investment announcements, disclosing that its overseas wholly-owned subsidiary Lopal Tech Perth PtyLtd (hereinafter referred to as "Longpan Perth") completed the acquisition of Australian lithium resources assets.
According to Longpan Science and Technology's "Purchase of Assets Announcement", Longpan Perth acquired all lithium related ownership assets held by GlobalLithium Resources Limited (hereinafter referred to as "GL1") and MB lithium industry at a cash transaction consideration of 14.85 million Australian yuan. The ore resource of the project is 18 million tons, and the average grade of lithium oxide is 1.0%.
On the same day, Longpan Technologies simultaneously disclosed that the company intends to subscribe for 5% of the common shares issued by GL1 with a 7.318 million to become its strategic shareholder.
At the same time, the company signed a long-term lithium concentrate supply agreement with GLR, which stipulated that GLR would supply 40% of the actual annual output of Manna lithium mine project to Longpan Science and Technology every year within ten years, and the minimum annual supply would reach at least 70000 tons per year.
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