Bacanora raises cash to start Sonora construction

London-listed Bacanora Lithium on Monday announced significant progress in the raising of the construction capital needed to build Stage 1 of its Sonara lithium project, in Mexico, announcing a conditional $90-million investment from blue chip investors and a $100-million placing of ordinary shares. Existing shareholder Hanwa has entered into a conditional agreement with a new strategic investor for $25-million and the State General Reserve Fund of Oman (SGRF) for another $65-million investment. These investments are conditional on the full $460-million in construction funding required for Stage 1, which will produce 17 500 t/y of lithium carbonate.