CHINA’S Zhejiang Huayou Cobalt plans to establish a lithium carbonate processing plant in Zimbabwe, said Bloomberg News citing the country’s mines minister.
The proposed investment marks a step forward in the government’s push for greater in-country beneficiation of battery materials, the newswire said.
“They will be producing lithium carbonate, which is more valued,” Polite Kambamura told reporters in Harare. “We look forward to firming up of metal prices globally, and also to increase our export revenues.”
Zimbabwe has emerged as a significant lithium feedstock supplier following a wave of Chinese investment. However, it has been pressing those investors to move beyond raw extraction and develop local processing capacity so it captures more value from its mineral wealth, said Bloomberg News.
Zimbabwe accounted for roughly 10% of global mined lithium output last year, according to the US Geological Survey.
Kambamura said the mining sector is expected to generate up to $7bn in revenues this year, having already produced $2bn in the first half. Gold exports are expected to anchor that performance.
Huayou Cobalt, listed in Shanghai, is among China’s largest producers of cobalt and lithium battery materials and has significant upstream investments across Africa, said Bloomberg News in its report.
