China Natural Resources Announces Strategic Acquisition Of Lithium Mine In Zimbabwe
China Natural Resources Announces Strategic Acquisition Of Lithium Mine In Zimbabwe. China Natural Resources Inc. announced that the company has entered into a definitive agreement with Feishang Group Limited and Top Pacific (China) Limited and Mr. Li Feilie and Mr. Yao Yuguang, to acquire Williams Minerals (Pvt) Ltd, which owns the mining permit for a Zimbabwean lithium mine.
Feishang Group Limited owns 70% of Williams Minerals and Top Pacific (China) Limited, a non-affiliate, owns the remaining 30%. Under the Sale and Purchase Agreement, it is expected that the company will indirectly acquire all interests in Williams Minerals in the second fiscal quarter of 2023, and that the Company’s “ownership” of the Zimbabwean lithium mine will vest cumulatively, region by region from 2024 through 2026, contingent upon the issuance of independent technical reports and the company’s full settlement of the purchase consideration in cash and restricted shares. For each region of the lithium mine, until the company’s ownership vests, the sellers will maintain legal possession and control, including the right to exploration, sales of lithium, and the revenue derived therefrom, as well as liability for operational costs and third-party claims.
China Natural Resources, Inc. a British Virgin Islands corporation, through its operating subsidiaries in the People’s Republic of China (the “PRC”), is currently engaged in the wastewater treatment industry in the PRC, and the acquisition and exploitation of mining rights in Inner Mongolia, including preliminary exploration for nickel, lead, silver and other nonferrous metal, and is actively exploring further business opportunities in the healthcare sector, natural resources sector and other sectors.
Mr. Wong Wah On Edward, Chairman of the Company, commented, “Lithium has become one of the most sought-after and highest appreciating minerals given its proven power advantages. At the same time, there is a significant supply shortage, which puts an even greater value on asset owners and mines. We hope to be able to leverage our mining expertise, sales and distribution platforms and balance sheet, as we continue to execute on our long-term business strategy.”
