Sinomine unveils investment plans for Bikita Minerals

310

Harare (New Ziana)- Chinese company, Sinomine, on Tuesday announced plans to expand current operations at its mine, Bikita Minerals.

The company said since acquiring the lithium mine early this year, it has complied with Zimbabwe’s laws and regulations.

“Since Sinomine acquired Bikita Minerals (PVT) Ltd in January 2022, the company has carried out all business activities under the Zimbabwean regulatory requirements and laws, including fundamental construction, increasing investment, initiating minerals exploration, especially starting to process low grade ore and expand production.

“First, we are planning to invest US$200 million to build a new spodumene processing plant and expand the current petalite plant.

” Second, we will build up a 110 kilometres power line from Tokow via Masvingo to Bikita of 132 KVA, which will improve the state grid and is of benefit for the whole Masvingo province and citizens,” it said.

The company said at least 1 000 workers are expected to get jobs after commissioning of the new spodumene plant, the company said.

“After completion of investment and construction, we will realise an annual foreign exchange income of US$300 million, which also means that the government will receive more tax for utility use”.

Sinomine is set to conclude the purchase of Bikita Minerals once it completes the acquisition of shares belonging to African Metals Management and Southern African Metals and Minerals.

The Hongkong based entity will pay $180million for Bikita Minerals.

New Ziana

Comments are closed.