China Natural Resources to acquire lithium mine in Zimbabwe
China Natural Resources Inc said on Tuesday it would acquire Williams Minerals, the operator of a lithium mine in Zimbabwe, amid surging demand for the metal used in batteries for electric vehicles.
The company plans to issue restricted shares and promissory notes to fund the acquisition for a maximum of $1.75 billion, with $140 million as initial payment. It may also pay some of the amount in cash.
Williams Minerals is owned by Top Pacific Ltd and Feishang Group Ltd, the latter also being the controlling shareholder of China Natural Resources.
Africa’s lithium production is likely to soar this decade, with bulk of that coming from Zimbabwe.
China Natural Resources, however, said there was no guarantee that the transaction, expected to close in the second fiscal quarter of 2023, would take place under the current terms.
(By Sourasis Bose; Editing by Shilpi Majumdar)
More News
Prime Minister Mark Carney vows to speed permits, make Canada energy superpower
The Liberal Party leader said at a campaign stop in Calgary that his government would create a Major Federal Project Office with a “one project, one review” mandate.
April 09, 2025 | 03:34 pm
Peru mining chamber sees copper output up 2-4% this year
That would put Peru's copper production between 2.79 million and 2.85 million metric tons.
April 09, 2025 | 02:53 pm
Aurubis to ramp up new US copper recycling facility
Aurubus has invested $800 million building the project, which took four years.
April 09, 2025 | 02:50 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments