In a significant advancement within the lithium mining industry, Chinese mining firm Zhejiang Huayou Cobalt has initiated a $300 million lithium processing plant in Zimbabwe, operating under its subsidiary, Prospect Lithium Zimbabwe. The development was unveiled on Wednesday amidst global demand for lithium, a crucial component in the manufacture of electric car batteries, experiencing a remarkable surge.
Zimbabwe, the nation with Africa’s largest lithium reserves and one of the world’s most substantial, has become a focal point for international investors. While the UK, Canada, and Australia have shown interest, China continues to maintain a dominant presence.
Located approximately 80 kilometres southeast of the capital, Harare, in Goromonzi, the new facility was inaugurated by Zimbabwe President Emmerson Mnangagwa. The plant is touted to have an annual processing capacity of 4.5 million metric tons of hard rock lithium, which will then be converted into concentrate for export.
Deputy General Manager of Prospect Lithium Zimbabwe, Trevor Barnard, has disclosed the company’s intention to initially process 450,000 tons of concentrate annually. Further processing into battery-grade lithium will be carried out outside Zimbabwe.
The move marks China’s continued expansion in the lithium mining sector, in line with increasing global demand for lithium, driven by the surge in the electric vehicle market.
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