Sinomine Seeks $764 Million to Expand African Lithium and Copper Projects
China’s Sinomine Raises Up to $764 Million for Zimbabwe Lithium and Zambia Copper Projects
Chinese mining and battery materials company Sinomine Resource Group Co. is seeking to raise up to 5.2 billion yuan ($764 million) through a private placement to support the expansion of its critical minerals projects in Africa and China.
According to a stock exchange filing released Tuesday, the funds will be used to finance the company’s lithium sulfate project in Zimbabwe, accelerate development of its Kitumba copper mine in Zambia, support a cesium and rubidium project in China’s Jiangxi province, and strengthen overall working capital.
Sinomine is among a growing number of Chinese companies increasing investments in Africa to secure supplies of minerals essential for the global energy transition, particularly lithium and copper, which are key materials used in electric vehicles, battery storage systems, and renewable energy infrastructure.
The fundraising effort comes amid renewed strength in lithium and copper markets, driven by supply concerns and expectations of long-term demand growth.
In Zimbabwe, Sinomine’s subsidiary Bikita Minerals Ltd. is advancing plans for a $400 million lithium sulfate processing plant as the country pushes for greater domestic mineral beneficiation.
Zimbabwe recently introduced tighter export controls on lithium concentrates in an effort to encourage local refining and higher-value processing.
Bikita Minerals has since confirmed that it received approval to resume exports while continuing development of the sulfate facility.
Meanwhile, Sinomine said it is increasing investment in Zambia’s Kitumba copper project to accelerate production growth.
In a separate filing, the company said the mine is expected to produce an average of approximately 38,000 tonnes of copper annually over a projected 15-year mine life.
The expansion reflects China’s continued strategic push to secure long-term access to critical minerals through overseas investments, particularly in resource-rich African countries.
