By Agencies
China’s Zhejiang Huayou Cobalt Ltd. plans to set up a lithium carbonate plant in Zimbabwe, according to Mines minister Polite Kambamura.
Zimbabwe has become a major supplier of lithium feedstock, following a surge in investment by Chinese companies. However, the government is pushing those investors to build up local processing capacity for the battery metal, so that the nation can derive greater benefits from its mineral wealth.
“They will be producing lithium carbonate, which is more valued,” Kambamura, told reporters in the capital, Harare on Thursday. “So we look forward to firming up of metal prices globally, and also to increase our export revenues.”
Zimbabwe accounted for about 10% of global mined lithium production last year, according to the US Geological Survey. The minister said the country’s mining sector is expected to generate as much as $7 billion in revenues this year, after producing $2 billion in the first half.
“We are looking forward to this being anchored by the export receipts from minerals such as gold,” said Kambamura.
-Bloomberg
