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Blackrock Backs Bacanora Minerals With $11 Million Investment

Citation:世紀矿业信息网 Date:2016-5-27 9:46:11


Canada and London-listed Bacanora Minerals (TSX-V:BCN) (LON:BCN), the company developing one of the world's largest lithium mines in northern Mexico, has pulled in heavyweight investor Blackrock as a major shareholder.


According to a regulatory filing, the world's largest asset manager has put up about US$11.2 million, placing 9.75 million units at US$1.14 each. The units include warrants that, if exercised, would take the amount raised to about US$15 million.


Lithium carbonate prices rose 47% in the first quarter of 2016 compared with the average price last year, according to the most recent available data from data provider Benchmark Mineral Intelligence.


"I think 2020 is quite a magical year for the uptake of both electric vehicles and renewable energy. Anything that uses renewables, or electric vehicles, uses a lithium-based [energy] storage capacity," Peter Secker, chief executive of Bacanora, told City A.M. last week.


Currently, electric vehicles account for about 6% of global demand for lithium carbonate.


Chile, Bolivia and Argentina currently dominate the lithium market, altogether holding more than 70% of the world’s known reserves.

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