Sinomine Raises $764 Million for Lithium and Copper Projects in Africa
Sinomine Resource Co. plans to raise approximately $764 million through a private placement in China to fund mining projects in Africa and China. This move responds to rising lithium and copper prices driven by increasing global demand for electric mobility and energy transition.
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Sinomine Resource Co. is seeking 5.2 billion yuan (approximately $764 million) via a private placement to finance mining projects, focusing on lithium and copper in Africa. The investment includes a $400 million lithium sulfate production facility in Zimbabwe and an enhanced investment in the Kitumba copper mine in Zambia, expected to produce an average of 38,000 tons of copper annually over 15 years.
Part of the funds will also support a cesium and rubidium project in Jiangxi, China. The push for capital comes amid rising prices and concerns over supply security, highlighting the strategic importance of these metals for the automotive industry. As African nations implement export controls, foreign mining groups must adapt their strategies to secure access to critical resources.
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