Zimbabwe grants conditional approval for Bikita Lithium’s acquisition
The Competition and Tariff Commission (CTC) has granted conditional approval for Sinomine (Hong Kong) Rare Metals Resources Co to acquire Bikita Minerals.
Priscah Chisara
The commission was informed in February 2022 that Africa Minerals (Afmin) and Amzim Minerals Limited (Amzim) would be fully acquired.
The CTC set various requirements before approving the US$180 million transaction between Bikita Minerals and Sinomine (Hong Kong) Rare Metals Resources Co.
It mandated that, if it is economically feasible, Bikita Minerals, its subsidiaries, affiliates, and successors-in-title sell lithium concentrates to any user who may be available in Zimbabwe on non-discriminatory terms and conditions.
Additionally, the company was instructed to commit to producing high-purity lithium from lithium concentrates within five years of obtaining the commission’s ruling.
Sinomine should continue to implement corporate social responsibility initiatives and programs, such as building Zesa’s Tokwe Station, helping to rebuild Birchenough Bridge, and implementing philanthropic social responsibility programs in Bikita that benefit local communities, government agencies, clinics, and schools.
A month after obtaining the commission’s decision, it must also submit to the CTC an implementation plan of these requirements. It must also start a year after receiving the CTC’s decision by submitting an annual compliance report detailing how the requirements here were met.