Trident Royalties PLC on Friday noted Ganfeng Lithium Co Ltd’s cancellation of lithium concessions at the Sonora lithium project in Mexico.

Trident Royalties, a London-based diversified mining royalty company, said Ganfeng Lithium reported that the General Directorate of Mines in Mexico issued a formal decision notice to Ganfeng’s Mexican subsidiaries that nine lithium concessions were cancelled.

Ganfeng noted that the cancellations are not final but that the cancellation may result in an asset impairment loss.

Trident said: ‘Ganfeng’s position is that the DGM resolutions cancelling the concessions violate both Mexican law and international law as they are arbitrary, unsubstantiated in both fact and law, and infringe upon Ganfeng’s and its subsidiaries’ fundamental due process rights. Therefore, Ganfeng and its Mexican subsidiaries have filed administrative review recourses before the secretary of Economy against the aforementioned resolutions.’

Trident Royalties shares fell 3.4% to 40.10 pence each in London on Friday afternoon.

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