A Chinese firm that specializes in industrial explosives is planning to acquire a more than 10 percent stake in a Canadian lithium company for $5 million.
On April 17, China-based company Sichuan Yahua Industrial Group Co. Ltd. (Yahua Group) announced its plan to acquire 13.2 percent of Ultra Lithium Inc., a Vancouver-based lithium and gold exploration firm, through its wholly-owned subsidiary Yahua International Investment and Development Co. Ltd.
The deal signed between the two companies will also see Yahua International acquiring a 60 percent stake in a wholly-owned subsidiary of Ultra Lithium that has two lithium mining projects in Ontario, at Forgan Lake and Georgia Lake.
This ought to go over well with the Biden admin and their secure sourcing initiatives.
