Lithium sector attracts US$3,4bn investment
President Mnangagwa
Oliver Kazunga recently in Victoria Falls
ZIMBABWE’S lithium sector has attracted more than US$3,4 billion in investment despite a global price drop, reinforcing confidence in the country’s beneficiation-led mining strategy. The investment pipeline comprises US$2 billion already deployed and a further US$1,45 billion earmarked for value-addition projects, positioning Zimbabwe to deepen its role in global battery mineral supply chains. President Mnangagwa has reiterated the need to scale up value addition and beneficiation of minerals, leveraging growing domestic capacity in science, technology and innovation. The surge in investment comes against the backdrop of a global correction in lithium markets, where prices plunged from a peak of about US$86 000 per tonne in 2022 to around US$14 300, following the slowdown in electric vehicle demand growth. Despite this volatility, official Minerals Marketing Corporation of Zimbabwe (MMCZ) data shows the sector is expanding, with lithium sales generating US$178,64 million in the first quarter of this year, a 106 percent increase from US$84,19 million recorded in the same period last year. Sales volumes also rose by two percent to 240 826 tonnes, from 224 610 tonnes during the comparative period. Speaking at the Chamber of Mines of Zimbabwe (CoMZ) annual conference last week, Lithium Producers Association of Zimbabwe chairman Mr Innocent Rukweza said the sector remained firmly committed to Zimbabwe despite difficult market conditions. “So together we are talking about US$3,4 billion that has been on the table, what has been achieved US$2 billion and what is coming US$1,45 billion. ReadMore