By WANG Yong
Miner Zijin Mining has received approval to explore the northeastern portion of the Manono lithium mine in the Democratic Republic of Congo (DRC), which is the world’s largest open-pit lithium deposit.
Jinxiang Lithium, holds a 61 percent stake, while Cominiere holds the remaining 39 percent. Jinxiang will take the lead in the development, construction, and management of the Manono lithium mine’s northeastern project.
Zijin Mining, whose stock had seen a continuous six-day decline, experienced a 2.62 percent rise on Tuesday, and as of Wednesday’s midday closing, the company’s market capitalization reached 320 billion yuan (about US$44 billion).
Zijin Mining stated that the Manono Lithium mine holds promising development prospects and, with its mature independent geological exploration capabilities, is poised to achieve a significant breakthrough in the exploration of lithium pegmatite resources.
The Manono mine is characterized by its early formation period, large scale, high grade, and ease of extraction.
Manolo is the fourth largest clay and hard rock lithium mine globally, with an annual production capacity of 1.6 million tons of lithium concentrate for 30 years.
Zijin Mining has obtained development rights for a nearby hydroelectric station to provide sufficient low-carbon electrical power to support the project.
Project delays are an established fact. Manono Phase 1, originally scheduled for commercial production in the second quarter of this year, has been delayed due to issues related to ownership and mining permits.
Very little has happened on the site. Only early-stage engineering work is underway, including building a camp to accommodate construction personnel.
