China Mineral Resources Group Announced on Tuesday night that it would acquire a major stake in Zimbabwe's Bikita lithium project by acquiring two British Virgin Islands companies for $180 million (1.44 billion yuan).
In order to increase the company's lithium mineral resource reserves, improve the raw material self-sufficiency rate of the company's lithium salt business, promote the implementation of the company's strategic development plan, and achieve the sustainable development of the company, China Mineral Resources said January 29, 2022, China Minerals (Hong Kong) Rare Metals Resources Limited (hereinafter referred to as "Hong Kong Rare Metals"), African Metals Management Services Ltd (hereinafter referred to as "AMMS") and Southern African Metals&, a wholly-owned subsidiary of China Minerals Resources Minerals Ltd (SAMM) enters into a Share and Debenture Sale Agreement, Hong Kong China Minerals Rare Intends to acquire 100% equity interest in 1 African Minerals Ltd (Afmin) and 2 Amzim Minerals held by AMMS and SAMM together for a base consideration of US $18,000 million in cash Ltd (hereinafter referred to as "Amzim") 100% equity.
Afmin and Amzim have a combined 74 percent interest in Bikita Minerals (Private) Ltd., a major asset in the Bikita Lithium project in Zimbabwe. Bikita is in the process of implementing an internal restructuring and share repurchase cancellation. If Bikita's internal restructuring is approved by the government, Sinomineral Resources will hold 99.05% of Bikita's equity and related claims. If Bikita's internal restructuring is approved by the government and the share repurchase cancellation is completed, the Company will hold 100% of Bikita's equity and its associated claims.
