• About Us
  • Contact
Wednesday, March 22, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Sectors Mining

Chinese firm to acquire 100% stake in Kilimanjaro Lithium Project

by Editor
02/03/2023
in Mining
0
Chinese firm to acquire 100% stake in Kilimanjaro Lithium Project
Share on FacebookShare on Twitter

China Dongsheng International Inc has entered into a definitive agreement with Kilimanjaro Lithium Inc., a private corporation, whereby CDSG will have the exclusive right to earn up to a one hundred percent interest in several Prospecting Licences (PLs) that make up two large projects in Tanzania. 

Tanzania is presently experiencing attention and investment into Lithium exploration from numerous companies, including Liontown Resources. Recently, the U.S announced it has entered into a Memorandum of Understanding (“MOU”) for critical battery minerals with several African nations. 

This acquisition will give the Company an international presence, along with its domestic presence, as CDSG holds the West End Lithium project that sits fully within the boundaries of the Tonopah Lithium Claims (TLC) Project of American Lithium Corp (V.LI), a project that currently holds the largest U.S lithium carbonate equivalent (LCE) resource.

Tanzania is presently experiencing attention and investment into Lithium exploration from numerous companies, including Liontown Resources. Recently, the U.S announced it has entered into a Memorandum of Understanding (“MOU”) for critical battery minerals with several African nations. PHOTO / COURTESY

According to a statement issued, “the Company is fully committed to supplying critical minerals to support U.S led efforts in creating strong support for the North American battery supply chain”.

Representing a generational opportunity for investors, this momentous switch to a less carbon-intense economy is expected to exponentially expand the market for several critical minerals in this decade.

Efforts to bolster the supply chain have included investments and loans into U.S. based firms and global efforts include the 2022 multi-country Minerals Security Partnership between the U.S and the Euro Zone, Canada, the U.K, etc., to secure battery materials, such as Lithium.

The Tanzanian projects, which cover more than 150 square miles, will greatly add to the company’s portfolio.

The company will acquire an immediate 80% interest in the PL’s by issuing 133 million common shares (at a deemed value of $6,650,000). After CDSG has attained this initial 80% ownership, the Company shall be responsible for exploration and development expenditures and shall make cash payments totaling $350,000.00 over the next 9 months.

To attain the final 20% interest in the Properties, CDSG will make further payments of $1,000,000 for each additional 5% interest for the full 100% interest for an aggregate payment of $4,000,000 of additional payments.

A 3% Net Smelter Return (“NSR”) on production of the Properties has been retained by the Licensor, however, CDSG has the exclusive right to purchase up to 2% of the NSR for $1,000,000 per 1%, for an aggregate of up to $2,000,000.

Kilimanjaro Lithium Ltd has had an ongoing exploration program which has served to outline the extremely prospective nature of the PLs.  CDSG will be releasing some of these results in the coming days and more results over the coming weeks and months.

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
Editor

Editor

Next Post
Private sector credit up 23.1% in January on supportive monetary and fiscal policies

Private sector credit up 23.1% in January on supportive monetary and fiscal policies

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Wed, 22 Mar.

Recommended

Qatar, Tanzania sign deals on infrastructure and energy

Qatar, Tanzania sign deals on infrastructure and energy

5 months ago
Jumia restructures after ousting co-founders

Jumia restructures after ousting co-founders

4 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili