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Chengxin Lithium to increase holdings in Qicheng lithium mine

The lithium asset holds ~2.4million tons of LCE resources

Source: Chengxin's announcement

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December 17, 2023

Chengxin Lithium announced that the company has approved the proposal of additional investment in Sichuan Qicheng Mining Co., Ltd. (referred to as "Qicheng Mining").

 

Chengxin Lithium's wholly-owned subsidiary, Shengtun Lithium Industry, is set to use 500 million yuan (~US$69.4million) of its capital for this investment. This move will increase Shengtun Lithium Industry's stake in Qicheng Mining from 38% to 43.18%. This strategic investment allows Chengxin Lithium to further expand its foothold in the lithium resource sector.

Huirong Mining, a subsidiary of Qicheng Mining currently holds one exploration right in Yajiang County, Ganzi Tibetan Autonomous Prefecture, Sichuan Province. According to documents issued in August 2023 by the Sichuan Provincial Mineral Resources Reserve Evaluation Center, the exploration right covers two ore bodies. The total explored ore resource within these bodies is approximately 61.095 million tons (measured, indicated, and inferred), including 989,600 tons of Li2O (lithium oxide), with an average grade of 1.62%. (~2.4million tons LCE)

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