I know the ownership structure of the relevant companies and the project is quite confusing, since there's only little vague information from LAC, Arena Minerals and Ganfeng, and we have to play the puzzles game.

Now I am gonna show you why I think LAC does not have direct interest in the Sal de la Puna project.

1. In the latest announcement of LAC, the ONLY sentence that mentioned the Sal de la Puna project is as below:

Both Lithium Americas and Ganfeng are expected to leverage their deep technical and operational experience to support Arena Minerals’ exploration and development opportunities in Argentina, including the Sal de la Puna project.

The word INCLUDING is meaningful. 

2. LAC announced The investment is part of a C$10 million non-brokered private placement of subscription receipts of Arena Minerals (the “Offering”).  

So I believe the rest part of the subscription is with other main owners of Arena Minereals, including Ganfeng, to allow them to keep their ownership percentage in Arena minerals.

3. Actually, in the latest announcement of Arena Minerals, they also clearly announced Ganfeng's participation in this offering  as below:

"Lithium Americas Corp. (“Lithium Americas” or “LAC”) will be acquiring $6 million of Subscription Receipts in the Offering. Under LAC’s subscription agreement with Arena, and provided it holds at least 7.5% of Arena’s common shares, LAC has been granted the right (i) to participate in future Arena financings to maintain its percentage ownership interest in Arena; and (ii) to appoint a nominee to the Arena board of directors as long as it holds at least 10% of Arena’s common shares. 

Ganfeng Lithium Co., Ltd (“Ganfeng Lithium“) holds a contractual right to participate in the Offering to maintain its percentage ownership interest in Arena under the Subscription agreement dated February 3, 2021."

4. LAC only announced their ownership of Arena Minerals, didn't mention any direct interest in the Sal de la Puna project. 

On closing, assuming completion of the full $10 million offering by Arena Minerals, the Company will own approximately 12.9% (14.6% on a fully diluted basis) of the issued and outstanding shares of Arena Minerals.

5. Arena Minerals announced the usage of the money they raised:

......will be applied to the acquisition of the Sal de la Puna lithium brine project......

They also mentioned "Amounts not required to complete the Centaur Acquisition will be used by Arena for exploration and development expenditures on the Company’s lithium assets and for general corporate purposes."

6. On June 10, Arena Minerals announced they "received written confirmation from GFL International Co., Ltd a 100% subsidiary of Ganfeng Lithium Co. (collectively “Ganfeng”) that Ganfeng is exercising its previously announced project participation right to acquire a 35% interest in the Sal de la Puna lithium brine project (“SDLP” or the “Project). "

So, I don't think Ganfeng will agree to have their interest in the SDLP project diluted just one month later.

7. Arena Minerals did't mention LAC's direct interest in the SDLP project anywhere.

This is how I put the pieces of puzzle together and got my conclusion. Maybe I was wrong but I hope this post can help to make it clear.