Jiangsu Shagang Group, a steel manufacturer in Zhangjiagang, Suzhou, East China's Jiangsu province, recently invested in Zangge Mining Co and the Zangqing Fund to support the development of the new energy industry.

The Zangqing Fund specializes in acquiring and exploiting lithium mines as lithium-ion batteries play an important role in the new energy industry.

It recently gained ownership of a saline lake in Southwest China's Tibet autonomous region. The lake spans an area of 115 square kilometers and is home to 2.5 million tons of lithium chloride reserves. Construction on a project that is expected to produce 50,000 tons of lithium carbonate annually is currently underway.

Zangge, a leading producer of lithium in China and one of the sponsors of the Zangqing Fund, now has an annual capacity of 10,000 tons of lithium carbonate.