Harare — Zimbabwe recorded $2.16 billion in lithium export sales in the nine months to September 30, almost four times the amount generated during the whole of last year, as higher spodumene prices boosted earnings, the country’s minerals marketing agency said.
The Minerals Marketing Corporation of Zimbabwe (MMCZ) said the sharp increase was driven largely by a 283% rise in the price of spodumene concentrate, a lithium-bearing mineral that is an important source of the battery metal.
Spodumene concentrate generated $1.8 billion of Zimbabwe’s lithium export income during the period. Petalite, another lithium-bearing mineral, contributed $155 million, while lithium sulphate generated a further $190 million.
Zimbabwe expands lithium processing
Zimbabwe’s lithium industry is also moving beyond the export of raw and concentrated minerals.
China’s Zhejiang Huayou Cobalt began exporting lithium sulphate from its Zimbabwean operation in April after investing $400 million to build Africa’s first lithium salt plant.
The MMCZ said approximately 33,000 metric tons of lithium sulphate had been exported by the end of September.
The development reflects Zimbabwe’s efforts to increase the amount of local processing around its lithium resources, potentially allowing the country to capture more value from its mineral production.
Lithium overtakes PGMs
Lithium products have now become Zimbabwe’s second-largest mineral export after gold, overtaking platinum group metals (PGMs).
PGM sales generated $1.73 billion during the nine months to September, while total mineral sales excluding gold doubled to $4.74 billion from the same period a year earlier.
China remains the dominant destination for Zimbabwe’s lithium exports, with Chinese companies playing a major role in mining and processing.
Companies including Zhejiang Huayou Cobalt, Sinomine, Sichuan Yahua, Chengxin Lithium Group and Tsingshan Holding Group have invested about $2 billion in Zimbabwe’s lithium sector since 2021.
Source: Reuters
Reporting: Nelson Banya
Editing: Andrea Ricci
