Photo: VCG

Zijin Mining Group Co said on Wednesday that it has completed 100 percent equity acquisition of Canada's Neo Lithium Corp after the deal was announced in October 2021.

According to Zijin Mining's announcement posted on its official website, the shareholders of Neo Lithium have approved the transaction and the filing procedures for the required domestic and foreign regulatory agencies have been completed.

The core asset 3Q project of Neo Lithium is located in the famous "lithium triangle" in South America. It is one of the world's highest quality lithium salt lake resources. Its volume ranks top five among the world's major salt lakes and its grade ranks among the top three, according to the company. 

The purchase came after the launch on Monday of exploration tasks at its lithium mine in the Democratic Republic of the Congo, the company's first lithium project, aimed at improving its competitiveness in the new-energy sector. 

Zijin predicted that its profit in 2021 will be around 15.6 billion yuan ($2.4 billion), up from 9.1 billion yuan ($1.4 billion),  the previous year.