Ganfeng Lithium to Buy Two Argentinian Mines as Race Heats Up for Battery Raw Materials

China’s lithium giant Ganfeng Lithium Co. Ltd. (002460.SZ) plans to spend up to $962 million to buy two mines in Argentina as major Chinese lithium firms ramp up investment to take advantage of surging demand for the key electric vehicle (EV) battery material.

A subsidiary of Ganfeng plans to acquire 100% of Lithea Inc., a company that owns two lithium salt lake assets that together are aimed at producing 30,000 tons of lithium carbonate a year, according to a Monday company filing.