The Chinese copper and gold mining giant Zijin Mining Group Co. took investors by surprise last week when it bought the Canadian company Neo Lithium Corp.’s South American lithium mining assets for $770 million. The deal highlights the growing importance that Chinese mining companies and electric vehicle battery makers are putting on lithium, a key ingredient needed to power EVs and countless other electrics.
And while Zijin and other Chinese mining companies depend almost entirely on the Democratic Republic of the Congo to source cobalt, lithium is more widely available. Peru, Chile, Australia, and Argentina have proven reserves, while in Africa, lithium reserves have been located in Namibia and Zimbabwe.
