"China’s CNR snatches up Williams Minerals mine in Zimbabwe for $1.75 billion"

" \r\n \r\n \r\n\r\n China's CNR snatches up Williams Minerals mine in Zimbabwe for $1.75 billion \r\n\r\nChina Natural Resources (CNR) has acquired the Williams Minerals lithium mine in Zimbabwe for US$1.75 billion from Feishang Group and Top Pacific (China). The rising demand for lithium, a safe and reliable resource in a global market where the appetite for renewable energy continues to grow, has motivated CNR to make this strategic move.\r\n\r\nThis 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.\r\n\r\n \r\n \r\n \r\n \r\n \r\n\r\nZimbabwe, which has Africa's largest lithium deposits, 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 tonnes of lithium ore, and the Arcadia Lithium Mine is expected to reach an annual production of 2.5 million tonnes, which could equate to US$3 billion in exports.\r\n\r\n \r\n \r\n\r\nThis acquisition by CNR 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.\r\n \r\n\r\nCNR's acquisition of Williams Minerals will allow the company to 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. The company plans to issue restricted shares as 50% of the deal consideration, with the remaining 50% of the consideration consisting of a promissory note and\/or cash, for a maximum consideration of US$1.75 billion.\r\n\r\n \r\n \r\n\r\nAccording to CNR, the company will pay an aggregate of US$35 million by way of promissory notes and\/or cash as a deposit if it chooses to proceed with the acquisition after completion of due diligence, and an aggregate of US$140 million by way of promissory notes and\/or cash as an initial instalment. The deal is expected to be closed in the second fiscal quarter of 2023, although there is no certainty that the transaction will be closed under the current terms.\r\n\r\n \r\n \r\n\r\nIn conclusion, the acquisition of Williams Minerals by CNR is a significant move that demonstrates the growing interest in the African lithium market. With Zimbabwe boasting some of the largest lithium deposits in the world, the country is well-positioned to benefit from the global demand for the critical resource. This acquisition by CNR will enable the company to strengthen its foothold in the lithium market, increase its capacity to supply the resource to its customers, and contribute to the growing renewable energy sector.\r\n\r\n \r\n \r\n "

"China’s CNR snatches up Williams Minerals mine in Zimbabwe for $1.75 billion"

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