Sinomine Resource to invest about USD130mln in mineral concentrator project in Canada
Sinomine Resource planned to invest approximately 176 million Canadian dollars(about 130.03 million U.S. dollars) in the construction of a mineral concentrator project in Canada through its wholly-owned subsidiary Tantalum Mining Corporation of Canada(Tanco), announced the company Monday, reported Xinhua-run China Securities Journal.
The concentrator project is designed with an annual production capacity of 1 million tonnes. The move aims at further developing and utilizing the lithium mine and cesium ore resources of Tanco.
According to the announcement, Sinomine Resource holds 100 equity interest in Tanco, which is mainly engaged in the mining and beneficiation of spodumene and cesium garnet, as well as the production and sales of cesium formate and cesium chemical products.
The new concentrator will help consolidate Tanco's dominant position in local lithium resources and completethe company's supply chain in North America, said the announcement.
Besides, the new concentrator will improve Tanco's production and operation efficiency. The completion and commissioning concentrator project will expand the production scale of raw materials for the company's lithium salt and cesium salt business.
Sinomine Resource is a China-based company engaged in the provision of solid mineral exploration technical services.