Now this post is definately directly related to LAC lol. The first article outlines Arena's latest acquisition of additional claims around the Pastos Grandes basin. 

Many of you are no doubt already very familiar with LAC's position in Arena, but I had to do some digging to help me understand, and some might find this useful. As always, where I'm wrong I'd love to be corrected so I might understand even more clearly. 

As I understand it, both LAC and Ganfeng own 17% of Arena, as per Arena's Corporate Presentation, page 23. But their interest in Arena is quite different. Ganfeng owns 35% of Arena's Sal de la Puna Project, whereas LAC owns Arena common shares. In addition to common shares, LAC entered into a collaborative relationship with Arena in May 2022 to find ways to enhance the development of the whole Pastos Grandes basin. They established a Technical Committee composed of 6 members, three from LAC and three from SdlPH, or PASA (which is the required Agentinian incorporated entity that owns the Sal de la Puna Project, similar to how Minera Exar S.A. owns Cauchari). Presumably of PASA's three members, two would be from Arena and one from Ganfeng, in accordance with their interest percentages. 

There is certainly a tangled web of development interests in this region of Argentina in which LAC, Ganfeng and Arena all play a part. Cauchari and the future expansion of Cauchari is relatively simple at this point when compared to what's going on in and around the Pastos Grandes basin where we have LAC's wholly owned Pastos Grandes project (formerly Millennial), and Arena's growing stake in the area. Any work done by the LAC/Arena Technical Committee would have applications not only for Arena's project(s), but also for LAC's Pastos Grandes project. In LAC's first investment announcement in Arena, in July 2021, mention was made of LAC perhaps increasing its ownership above 20% at some point, making one question if the future of Arena isn't perhaps a majority stake or perhaps outright acquisition by LAC and Ganfeng. 

Add to this complexity the implications of the potential split of LAC's Thacker Pass and maybe all North American operations from Cauchari and probably all South American operations. Many contributors on various discussion forums have suggested that in order to totally divest from Ganfeng's fingerprints on anything related to Thacker Pass, LAC might need to trade some South American interest to get them out of their 11% ownership of common shares, which my math tells me is worth about USD $400 million. Ultimately might the organization and ownership of all of these Argentinian projects be impacted by LAC's split? 

Fascinating

Arena Minerals to Acquire 2,000 Hectares Adjacent to R-01 Discovery in Pastos Grandes

LITHIUM AMERICAS ANNOUNCES INVESTMENT IN ARENA MINERALS INC.

LITHIUM AMERICAS INCREASES STRATEGIC INTEREST IN ARENA MINERALS

LITHIUM AMERICAS ENTERS COLLABORATION AGREEMENT WITH ARENA MINERALS

Arena Minerals Corporate Presentation