I made a mistake and confused Ganfeng's shares of Arena Minerals and their direct interest in Sal De La Puna project. Ganfeng has 18.7% of the shares of Arena Minerals, and 35% of direct interest of the Sal De La Puna project, so totally Ganfeng's final interest in the Sal De La Puna project is more than 35%.

But I don't think LAC's 12.9% of the shares of Arena Minerals mean they have 21.5% direct interest in the Sal De La Puna project. Actually I think it should be less than 8.385%, if they don't have any direct interest in the Sal De La Puna project, because Arena Minerals has only part(up to 65%, other holders info not fully disclosed yet) of the interest of the Sal De La Puna project.

The strategy Ganfeng applied to Arena Minerals and the Sal De La Puna project is quite the same as what they applied to LAC and Cauchary Olaroz, also same as Bacanora and Sonora project in Mexico.