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China Minmetals to collectively establish $1.4 bln lithium miner in Qinghai

Stateowned China Minmetals strategies to establish a. 10 billion yuan ($ 1.41 billion) miner with local business in. the lithiumrich province of Qinghai in northwestern China, a. statement and exchange filing revealed.

Minmetals stated in a statement that the collectively owned. business, tentatively called China Salt Lake Industry Group, will. construct a first-rate production center and improve nationwide. security of potassium and lithium resources.

Significant usages of lithium include electric car batteries and. solar-power panels. Potassium is also utilized in batteries.

The brand-new business will purchase 12.54% of Qinghai Salt Lake. Market and end up being a controlling shareholder, the. latter said in a filing to the Shenzhen Stock Market.

Qinghai Salt Lake Industry, presently owned by local. authorities, controls the most potassium and lithium resources. in China.

Minmetals strategies to invest 5.3 billion yuan in China Salt. Lake Industry whose primary operations will consist of mining,. expedition and the production of lithium chemicals and other. battery products, the stock exchange filing showed.

It will invest along with Qinghai state-owned Assets. Financial Investment Management and Qinghai Assets Guidance and. Administration Commission, the filing revealed.

(source: Reuters)