03:05 AM EDT, 10/03/2022 (MT Newswires) -- Chengxin Lithium Group (SHE:002240) disclosed plans to establish two new subsidiaries in Africa to support the development of its African lithium ore resources.
The Chinese battery materials supplier will set up Chengxin Lithium (Zimbabwe) International and Chengxin Lithium (Nigeria) International, both with registered capital of $1 million each, according to a filing on Saturday.
The company said the new subsidiaries will support its newly controlled mine in Zimbabwe that is under construction.
The move comes amid strong demand for raw materials for battery production, particularly from electric vehicle makers.
Chengxin Lithium, which also has a presence in Indonesia and Argentina, received a 3 billion yuan investment from BYD (SHE:002594, HKG:1211) in March.
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