LUSAKA, May 19 – The Chinese mining and resource development company Sinomine Resource Group plans to raise as much as 5.2 billion yuan ($764 million) to fund critical minerals projects in Zimbabwe and Zambia, as Chinese companies deepen investments in Africa’s energy-transition resources.
The company said it intends to raise the funds through a private placement in China, with proceeds earmarked for a lithium sulfate plant in Zimbabwe, the Kitumba copper mine in Zambia, a cesium and rubidium project in Jiangxi province, and broader working capital needs.
The fundraising effort comes as lithium and copper prices remain elevated amid supply concerns and long-term demand growth linked to electric vehicles, battery manufacturing and renewable energy infrastructure.
Sinomine Resource Group has emerged as one of several Chinese mining firms aggressively expanding across Africa to secure access to raw materials critical for China’s industrial and clean-energy supply chains.
Zimbabwe recently introduced tighter export controls on lithium concentrate as part of efforts to encourage local refining and higher-value mineral processing.
Sinomine’s local subsidiary, Bikita Minerals, said it has received approval to resume exports while continuing plans to construct a $400 million lithium sulfate processing facility.
The project forms part of Zimbabwe’s broader strategy to move beyond raw mineral exports and capture greater value from the battery materials supply chain.
Separately, the Chinese company said it is increasing investment in Zambia’s Kitumba copper mine to accelerate development timelines and ramp up production.
According to company filings, the mine is expected to produce an average of approximately 38,000 metric tons of copper annually over a 15-year period.
Copper demand has surged globally because of its central role in electrification, power grids, electric vehicles and data-center infrastructure tied to artificial intelligence expansion.
African governments including Zimbabwe and Zambia are increasingly seeking to leverage their mineral wealth by encouraging domestic processing, refining and industrial development rather than exporting raw commodities.
China remains the dominant foreign investor across much of Africa’s mining sector, particularly in copper, cobalt and lithium assets critical to the global energy transition.
