China Natural Resources Inc. Acquires Lithium Mine Worth USD 1.75 Billion in Zimbabwe

On 28 February 2023, China Natural Resources Inc. (CNR) issued a press statement announcing that it has entered into a Sale and Purchase Agreement with Feishang Group and Top Pacific to acquire Williams Minerals which owns mining license for a Lithium mine in Zimbabwe.

The mine is estimated to be worth USD 1.75 billion and CNR plans to finance it via the issuance of restricted shares as well as promissory note or cash.

Williams Minerals was owned by Feishang Group (70%) and Top Pacific (30%). CNR will acquire 100% ownership once the deal materializes by the second fiscal quarter of 2023. The deal is subject to the recommendations of independent technical reports as part of the due diligence.

“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.”

China Natural Resources Inc. Chairman Edward Wong

Williams Minerals has mining rights to an estimated 3.5 million tonnes of lithium oxide ore at 1% grade or better. At the current value USD 500 per tonne, the estimated value of the mine is thus USD 1.75 billion.

China Natural Resources Inc. is incorporated in the British Virgin Islands and is listed on the NASDAQ under the symbol CHNR. It is engaged in mining or trading of copper, nickel. lead, silver and other nonferrous metals in China, Inner Mongolia and Africa.