Shareholders of Canada’s Lithium Americas (LAC) have approved the company’s plan to split its U.S. and Argentina-based operations into two separate businesses.
Vancouver-based Lithium Americas says it will now separate into two entities: Lithium Americas (Argentina) Corp. and Lithium Americas Corp.
Going forward, the Lithium Argentina team will advance the Cauchari-Oloroz lithium project, while the Lithium Americas team will focus on the Thacker Pass project in the U.S.
The separation is expected to be finalized this October subject to regulatory approvals.
Earlier this year, automaker General Motors (GM) signed a deal to invest $650 million U.S. in the company to give it access to the lithium developed at the Thacker Pass project in Nevada.
Lithium is a key component in electric vehicle batteries.
Lithium Americas’ stock has declined 20% over the last 12 months to trade at $26.62 a share
