Argentine Brine Comparables, page-113

When i created this thread in August last year (2023), i highlighted Lithium Chile's Arizaro project in Argentina (~150km away), as a comparable to view GLN against. This week an "unnamed buyer" has emerged to bid USD$180m for Lithium Chile's 80% stake in the Arizaro project which hosts 4.1Mt LCE:

https://www.thenewswire.com/press-releases/1BKRF7K08-lithium-chile-executes-binding-letter-of-intent-for-the-sale-of-its-arizaro-project.html

It is hard to believe but the TSX is obviously more dodgy than the ASX as the ASX would never allow an announcement about an "unnamed buyer" to get released. This is also relevant because Lithium Chile had apparently had an offer knocked back a few years by the Canadian Government as the buyer was Chinese. Here we don't even get to know who the buyer is apart from "The Buyer is a large, Asian based company founded over two decades ago. The Buyer is a diversified enterprise with significant interests in mining, renewable energy, and technology sectors. Engaged in both domestic and international operations, the Buyer is focused on the exploration and development of essential resources. The Buyer is also the controlling shareholder of an Asian listed public company (“PubCo”)." Anyone want to take a stab?

Leaving this aside, where does this leave the Australian owners of major Argentinean assets such as GLN. Why is this mysterious buyer not offering USD$180m for 100% HMW instead of 80% of Arizaro? HMW is supposedly superior in terms of resource size, grade, and metallurgy. I could probably throw LEL into the mix as well as they just accepted a ~USD$80m offer for their 90% stake in Olaroz, but are overseas buyers/bidders discounting something from Australian technical reports? That is the only thing i can think of. Maybe this mysterious bidder did some due diligence and thinks HMW's 7.9Mt @ 883mg is actually worse than Arizaro's 4.1Mt @ ~320mg.

Something smells to me either (or even both) way/s - Arizaro's bid is fake, and or Australian brine players in Argentina have been exaggerating.