VANCOUVER, British Columbia, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Lithium Americas (Argentina) Corp. (TSX/NYSE:LAAC) ("Lithium Argentina" or the "Company") is pleased to announce the completion of the previously announced agreement (the "Transaction") with a subsidiary of Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium",) whereby Ganfeng Lithium acquired $70 million in newly issued shares of Proyecto Pastos Grandes S.A. ("PGCo"), the Company's wholly-owned Argentinian subsidiary holding the Pastos Grandes project ("Pastos Grandes") in Salta, Argentina, representing a 14.9% interest in PGCo and Pastos Grandes. "The completion of this Transaction is an important step forward for the combined efforts of Lithium Argentina and Ganfeng Lithium in Argentina emphasizing the collaboration and shared commitment of both companies to innovate and responsibly progress the global clean energy transition," commented Sam Pigott, President and CEO of Lithium Argentina. "Proceeds from the Transaction will be used to strengthen our balance sheet, reduce short term debt at Caucharí-Olaroz and provide additional flexibility to support our future growth plans." Pastos Grandes is a lithium brine development project acquired by the Company in early 2022 with the acquisition of Millennial Lithium Inc. The Project is in the same basin as the Sal de la Puna project (together, the "Pastos Grandes Basin"), adjacent to Ganfeng Lithium's Pozuelos-Pastos Grandes project ("PPG") and 100 km from the operating Caucharí-Olaroz project ("Caucharí-Olaroz") jointly owned and operated by Lithium Argentina and Ganfeng Lithium. Based on current analysis, the Company would expect that attractive fiscal incentives resulting from the approval of the Large Investments' Incentive Regime ("RIGI") in Argentina would apply to its longer-term regional development plans at Pastos Grandes and the Stage 2 expansion of Caucharí-Olaroz. The Company and Ganfeng Lithium continue advancing a regional development plan for PPG and the Pastos Grandes Basin with results expected around the end of 2024. ABOUT LITHIUM ARGENTINA Lithium Argentina is an emerging producer of lithium carbonate for use primarily in lithium-ion batteries and electric vehicles. The Company, in partnership with Ganfeng Lithium Co, Ltd., is ramping up production of the Caucharí-Olaroz lithium brine operation in Argentina and advancing development of additional lithium resources in the region. The Company currently trades on the TSX and on the NYSE, under the ticker symbol "LAAC." For further information contact:Investor RelationsTelephone: +1 ...