Zimbabwe: China’s CNR acquires Williams Minerals lithium mine amid rising demand

China Natural Resources (CNR) has acquired Zimbabwe’s Williams Minerals lithium mine from Feishang Group and Top Pacific for $1.75 billion, the aim being to strengthen the Chinese company’s position in the lithium market and increase its capacity to supply the critical resource to its customers.

This strategic move by CNR was motivated by the rising demand for lithium, a safe and reliable resource in a global market where the appetite for renewable energy continues to grow. This acquisition will enable CNR to indirectly acquire all interests in Williams Minerals in the second quarter of this fiscal year, subject to the issuance of independent technical reports and the company’s full settlement of cash and restricted shares related to the transaction. CNR expects the acquisition will strengthen its foothold in the lithium market and increase its capacity to supply the critical resource to its customers in China and around the world.

CNR’s acquisition is a significant development for the lithium market, as the global demand for lithium continues to rise in response to the growing interest in renewable energy. Lithium is a vital component of batteries used in electric vehicles, solar panels, and other energy storage systems. With its largest lithium deposits in all of Africa, Zimbabwe is well-positioned to benefit from the surge in the price of lithium. Its Bikita mine, located 300 km south of the capital Harare, boasts 10.8 million tons of lithium ore, and the Arcadia Lithium Mine is expected to reach an annual production of 2.5 million tons, which could equate to $3 billion in exports.