Zijin Adds China Mine in Race to Join Lithium’s Global Top Tier
- Group aiming for 150,000 tons a year production in long term
- It follows Tianqi Lithium’s $1.7-billion IPO pricing last week
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Zijin Mining Group Co. is stepping up efforts to become a major player in the global lithium rush, adding a mine-revival project in China to acquisitions from Africa to South America.
The group, which is mainly known as one of China’s top copper and gold miners, plans to pay 1.8 billion yuan ($269 million) for a 71% stake in a company mining for lithium in Hunan province. Zijin wants to be China’s third-biggest producer of the battery material, and among the world’s top 10, it said on its Wechat account.