International Lithium completes sale of noncore Irish assets
TSX-V- and FSE-listed International Lithium Corp (ILC) has completed the sale of all its interest in the Avalonia project, in Ireland, and in Blackstairs Lithium, the company that owns that project.
The Avalonia project in Blackstairs, Ireland, has been a joint venture between ILC and Ganfeng Lithium, through its FGL International subsidiary, since 2014. Ganfeng has had management control of the project since 2017.
ILC announced in September last year that it would sell its interest in the project to GFL for C$2.2-million plus a 2% net smelter royalty.
ILC reports that it has now also sold its shareholding in Blackstairs Lithium to GFL for an additional C$300 000.
A final C$1-million of the C$2.2-million consideration for the Avalonia project is payable by GFL in October.
“We are pleased to have completed the sale of our interest in the Avalonia project to GFL who was our partner in Ireland. This divestment allows us to focus on our wholly owned or majority-owned projects in Canada and on progressing identified opportunities in Southern Africa.
“We have a strong 11-year relationship with Ganfeng and we will welcome working with Ganfeng again on future projects when there is a mutual interest in doing so,” says ILC chairperson and CEO John Wisbey.
The company has exploration activities in Ontario, Canada, with intentions to expand into Southern Africa.
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