Chinese mining group Sinomine has entered the Namibe Lithium Project in Angola, according to the owner company, Tyranna Resources Limited.
The binding offtake agreement was signed, the same source added, with Sinomine Resource Group Co., Ltd. and Sinomine International Exploration (Hong Kong) Co., Limited, for acquiring both 50% of the spodumene and 50% of the pollucite from the Namibe Lithium Project.
Execution of the Offtake Agreement is the key condition precedent of the conditional subscription agreement with Sinomine to invest circa A$31 million (USD 21.3 million) to provide funding for exploration and development of the Namibe Lithium Project in Angola.
“The Board is extremely pleased to have completed negotiations and executed a binding offtake agreement with Sinomine,” Joe Graziano, the Chairman of Tyranna, said.
“The key condition precedent to the completion of the Phase 1 investment will provide the funds to accelerate the exploration program in Angola. Both exploration teams are involved in progressing the design of the next drilling campaign to efficiently work through the strategy to explore the project and we look forward to positive news flow as the programme progresses.”
Founded in 1999, Sinomine is a listed company on the Shenzhen stock exchange and has a market capitalization of approximately USD 5.5 billion.
It has developed into a global mining group with a comprehensive resource industrial chain. Sinomine’s main business and operations cover four segments: rare light mineral (cesium and rubidium) resources development and utilization, EV lithium material development and utilization, geo-technical services, and mineral properties development.
Sinomine’s business covers more than 40 countries, including Canada, US, UK, Norway, Zambia, Congo (DRC), Zimbabwe, Uganda, Indonesia, Malaysia and other regions in Asia, Africa, Europe, America, and Oceania.
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