Shares of Lithium Americas were significantly higher on Wednesday morning following the completion of its split with its Argentine segment. This split has resulted in the creation of two independent lithium producers.
- Toronto shares trading rose by nearly 12% to 15.38 Canadian dollars ($11.22) as of 11:18 a.m. ET.
Late on Tuesday, the company, which is dual-listed, announced that it had successfully finalized the reorganization of Lithium Americas into two independent publicly traded companies. This was achieved through a statutory plan of arrangement.
Lithium Americas currently owns the Thacker Pass project, situated in Nevada. This project is home to the largest lithium deposit in the United States, and construction has been underway since early 2023.
On the other hand, Lithium Argentina possesses a 44.8% interest in the Caucharí-Olaroz project located in Jujuy, Argentina.
The focus of the company is to push the Caucharí-Olaroz project toward full production and explore opportunities for business expansion in the region. Lithium Americas also owns two other projects in the area: Pastos Grandes and Sal de la Puna, which have ownership percentages of 100% and 65% respectively.
