Aerial photo taken on Sept. 16, 2019 shows the Mongolian capital Ulan Bator. (Photo by Xu Bin/Xinhua)
BEIJING, Feb. 14 (Xinhua) -- Chinese mining group Sinomine Resource Group Co., Ltd. (Sinomine, 002738.SZ) plans to invest a total of 20 million U.S. dollars to acquire 51 percent of rights and interests of a lithium project in Mongolia to ensure multi-channel supply of raw materials for its lithium salt business, reported China Securities Journal Monday.
The company inked a framework agreement with Lithium Century LLC, a Mongolian company which owns 100 percent of the rights and interests of the lithium project.
The resource estimation results as of February 1, 2023 show that the lithium project boasts 1.743 million tonnes of ore in terms of controlled and inferred mineral resources, with the average grade of lithium oxide at about 0.9 percent.
According to the company's announcement, the current exploration area of the lithium project accounts for 10.5 percent of the scope of exploration rights, and the area unexplored has a large prospecting potential.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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