Galan Lithium of Australia has turned down a $150 million cash offer from Zhejiang Huayou Cobalt Co and Renault Group to buy its stake in Argentine assets. The company considers the offer to be low and taking advantage of the situation, as it covers the entire Hombre Muerto West (HMW) and Candelas projects. Galan's stock price rose by 38.1% to A$0.145, while the overall market index dropped by 1.5%. Last year, EnergyX, a lithium tech startup, also proposed to acquire Galan's Argentine assets for $150 million. The Hombre Muerto West project, Galan's key project, is close to other lithium projects owned by Arcadium Lithium and Posco Holdings, with Posco being an investor in EnergyX.