Zimbabwe, boasting the largest lithium reserves in Africa, is pressuring miners to submit beneficiation plans by today’s deadline, March 31, 2024.
This strategy aims to transform Zimbabwe into a major lithium player and capitalize on the global demand for electric car batteries and renewable energy storage.
Finance Minister, Professor Mthuli Ncube, emphasizes the need to replicate the “PGM success story” in lithium processing within five years.
He highlights the potential for increased government revenue by processing lithium beyond its raw ore stage. This aligns with the 2022 ban on unprocessed lithium exports, a policy aimed at attracting investment in domestic processing facilities
While some companies, like Prospect Resources Zimbabwe, Bikita Minerals, and Zulu Lithium, have already built beneficiation plants, others are racing against the clock to meet the deadline.
Isaac Kwesu, CEO of the Chamber of Mines of Zimbabwe, expresses confidence that most producers will comply.
With lithium currently ranking as the nation’s third-largest mineral export, generating US$209 million in the first nine months of 2023, the government seeks to further capitalize on this lucrative resource .
Their ambitious goal is to supply 20% of global lithium demand by 2025, tripling production.
By focusing on beneficiation, Zimbabwe positions itself to become a leader in the global lithium market and reap the economic benefits of this clean energy revolution.