There have been a couple of threads on TOB regarding Ganfeng's stake in LAC, instigated by Senator Cotton's concerns over LAC supporting the Communist Party of China. I'd like to provide some data regarding this (thanks to Pavel for pointing out that the % of common shares owned by Ganfeng is reported in each Corporate Presentation):

First, Cauchari is owned 100% by the legal entity Minera Exar S.A., which is in turn owned by Ganfeng (46.7%), LAC (44.8%) and the government of Jujuy province in Argentina, where the mine is located (8.5%).

Ganfeng currently owns 11.1% of LAC, representing their lowest percentage in years. Their track record is as follows:

Oct 2018 - 17.0%, Aug 2020 - 16.7%, Mar 2021 - 12.6%, Nov 2021 - 12.5%, Mar 2022 - 11.2% and Sep 2022 - 11.1%. 

I'm wondering if Ganfeng's % of ownership just represents their ownership of Minera Exar or if it is common shares?

Thoughts?