Mine

Conspiracy to develop lithium mines in Zimbabwe

Seetao 2022-05-11 10:52
  • The two parties will establish a joint venture company with a registered capital of 5 million US dollars
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On the evening of May 9, 2022, Sinomine Resources announced that Shengyi Lithium International Co., Ltd., a wholly-owned subsidiary of Shengxin Lithium Energy, signed an agreement with Sinomine International Exploration (Hong Kong) Holdings Co., Ltd., a wholly-owned subsidiary of Sinomine Resources. , the two sides intend to establish a joint venture company in Zimbabwe. On the other side of the agreement, Shengxin Lithium Energy also disclosed the corresponding announcement that night.

According to reports, the move is aimed at promoting the cooperation of the two parties in the lithium mine project in Zimbabwe, and continue to look for other lithium mine projects in Zimbabwe. The registered capital of the joint venture company is 5 million US dollars, and both parties hold 50% of the joint venture company. The registered place is Harare, the capital of Zimbabwe. The business scope includes the exploration and development of lithium and platinum projects in Zimbabwe.

The announcement shows that the board of directors of the newly established joint venture company consists of 4 directors, 2 directors are recommended by China Mining Resources, and 2 directors are recommended by Shengxin Lithium Energy, and the term of each director is 3 years. The chairman of the first board of directors is the director recommended by Shengxin Lithium Energy, and the chairman of the second board of directors is the director recommended by China Mining Resources. In addition, the joint venture company shall have one general manager, one deputy general manager and one person in charge of finance, who shall be hired by the board of directors for a term of three years.

China Mining Resources and Shengxin Lithium Energy stated that this cooperation will accelerate the development of the two parties' mid-to-early lithium mining rights projects in Zimbabwe, which is in line with the development direction of the main business of both parties. This cooperation will help both parties to speed up the development of lithium ore mining rights in the early stage, enhance the company's competitiveness in the field of lithium battery new energy, and enhance the company's profitability, which is in line with the company's development strategy and the interests of all shareholders. Editor/He Yuting

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