Sichuan Energy Power acquires 62.75% stake in Sichuan Energy Investment Lithium Industry

SMM6 March 16: recently, Chuaneng Power announced that the company signed the "Equity acquisition intention Agreement" with Chengdu Chuaneng Lithium Equity Investment Fund Partnership (Limited Partnership) ("Chuaneng Lithium Fund") on June 4, 2020. after friendly negotiation between the two sides, Chuaneng Power intends to transfer the 62.75% stake in Sichuan Neng Lithium Industry Co., Ltd. Held by Chuaneng Lithium Fund.

It is understood that the Lijiagou mining area where the lithium industry is located has been explored and identified to have ore reserves of 40.36 million tons and lithium oxide (Li2O) reserves of 510000 tons, with an average grade of 1.30%. It is a rare metal lithium ore with huge reserves, excellent grade, good ore processing and metallurgical performance, and high value of comprehensive utilization of resources. The 1.05 million tons / year mining and separation project of Lijiagou spodumene Mine under construction approved by the Sichuan Provincial Development and Reform Commission is the largest lithium ore mining and separation project in China at present. It is planned to handle 4200 tons of raw ore per day, with an annual treatment of 1.05 million tons of raw ore and an annual production of 180000 tons of concentrate.

On November 21, 2019, Chuaneng Power signed an "equity acquisition intention agreement" with Chuaneng Lithium Fund, in which the company plans to acquire 51% of Shengsheng Lithium Industry held by Chuaneng Lithium Fund. Since December 2019, the company has carried out due diligence and other work necessary for this acquisition, which is still under way, and the company will continue to promote the reorganization of lithium power assets in accordance with the development plan of the lithium power industry. the signing of this intention agreement will help to accelerate the landing of the lithium power industry chain.

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