China Minmetals to jointly set up $1.4 bln lithium miner in Qinghai
Adds details throughout
BEIJING, Sept 9 (Reuters) -State-owned China Minmetals CHMIN.UL plans to establish a 10 billion yuan ($1.41 billion) miner with local companies in the lithium-rich province of Qinghai in northwestern China, a statement and exchange filing showed.
Minmetals said in a statement that the jointly owned company, tentatively called China Salt Lake Industry Group, will build a "world-class" production hub and enhance national security of potassium and lithium resources.
Major uses of lithium include electric vehicle batteries and solar-power panels. Potassium is also used in batteries.
The new company will buy 12.54% of Qinghai Salt Lake Industry 000792.SZ and become a controlling shareholder, the latter said in a filing to the Shenzhen Stock Exchange.
Qinghai Salt Lake Industry, currently owned by local authorities, controls the most potassium and lithium resources in China.
Minmetals plans to invest 5.3 billion yuan in China Salt Lake Industry whose main operations will include mining, exploration and the production of lithium chemicals and other battery materials, the stock exchange filing showed.
It will invest alongside Qinghai state-owned Assets Investment Management and Qinghai Assets Supervision and Administration Commission, the filing showed.
($1 = 7.1069 Chinese yuan renminbi)
Reporting by Siyi Liu and Colleen Howe; Editing by Sonali Paul and Christopher Cushing
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