Unit of Chinese State-Owned Metals Firm to Buy Zimbabwe Lithium Mine

A subsidiary of state-run giant China Nonferrous Metal Mining Group Co. Ltd. announced it would acquire a lithium project in Zimbabwe, joining the trend of Chinese companies securing supplies of the important electric-vehicle battery material.

In a Tuesday filing (link in Chinese), Sinomine Resource Group Co. Ltd. (002738.SZ) said it had planned a deal to pay $180 million for a 74% controlling stake in the Bikita lithium mine, which has already started production and has proven ore reserves of 29.41 million tons.