Canadian miner bullish on getting EPOs approved
Chinese ambassador to Zimbabwe, Zhou Ding, last year revealed that investments into Zimbabwe’s lithium mining sector from the Asian giant had exceeded US$1,5 billion making it the biggest foreign investor.
CANADIAN exploration and development firm, International Lithium Corp (ILC), will soon announce the results of its exclusive prospecting orders (EPOs) for US$219 250 to begin mining operations.
ILC is a well-funded lithium and rare metals exploration and development company with strategic interests in Canada, Zimbabwe and Ireland.
ILC is listed on the Toronto Stock Exchange (TSX), the 10th largest trading platform in the world valued at nearly US$3 trillion.
The interest by ILC comes as the African Mining Market found Zimbabwe’s lithium deposits to be the largest in Africa and the sixth biggest globally.
Chinese ambassador to Zimbabwe, Zhou Ding, last year revealed that investments into Zimbabwe’s lithium mining sector from the Asian giant had exceeded US$1,5 billion making it the biggest foreign investor.
“Our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time playing our part in creating a greener, cleaner planet and less polluted cities,” ILC said, in a filing made to the TSX.
This, the firm said, included optimising the value of its existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits.
“We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and that we have applied for and hope to receive EPOs there,” ILC said.
“We hope to be able to make announcements over the next few weeks and months… The company’s primary strategic focus at this point is on the Raleigh Lake lithium and rubidium project and the Firesteel copper project in Canada and on obtaining EPOs and mineral claims in Zimbabwe.”
ILC is operating through its local entity, International Lithium Africa (Private) Limited, in which it has a 75% stake.
In its financial report for the three and nine months ended September 30, 2024, the company revealed that it had entered into an option agreement to acquire a 100% interest in certain mineral claims located in Manicaland,Zimbabwe.
“The total purchase consideration to acquire 100% interest in the claims is US$200 000 of which the company has paid US$55 000, which was contracted and paid by a subsidiary of the company. The option is valid until 7 days from the day the company receives the first EPO,” the firm said.
“The company also has a 65% interest in two projects comprised 440 hectares in Manicaland Zimbabwe. The company paid purchase consideration of US$11 850 through a subsidiary of the company.”
South African natural resources watchdog, Southern Africa Resource Watch, recently encouraged Zimbabwe to urgently begin constructing an electric vehicle battery plant owing to its substantial lithium resources.
This includes the manufacturing of various components such as lithium carbonate, electrodes, electrolytes, lithium-ion batteries and the assembly of EVs.
Lithium is the main component used in the construction of EV batteries.