Zimbabwe aims to break ground for $270 million new lithium plant this year
Kuvimba Mining House
will begin construction of a $270 million lithium concentration plant at its
Sandawana mine
in the third quarter of this year, with commissioning expected in early 2027, CEO Trevor Barnard said.
The state-owned miner is partnering with two Chinese metals giants to build the 600,000 metric ton per year lithium concentrator. The two firms will build and operate the plant for a minimum of five years, before transferring it back to Kuvimba. Barnard declined to name the companies, citing ongoing talks.
"We are still finalising the last few agreements that we need to put in place and making sure we have all the necessary and compatible industry conditions for our partner to start construction," Barnard told reporters.
"We are looking at breaking ground in the third quarter," he added.
Kuvimba, which has been stockpiling lithium ore at Sandawana, has been hauling some of it to a processing plant in Gwanda, owned by Chinese nickel and steel giant
Tsingshan Holding Group
.
Barnard said the targeted completion of the Sandawana lithium concentrator could coincide with a recovery in the price of the battery metal.
A supply glut mainly driven by Chinese output has caused lithium prices to plunge nearly 90% over the past two years, forcing miners to halt projects and cut jobs. However, analysts say those production cuts and robust
electric vehicle sales
in China could propel lithium demand above supply this year.
"Our forecast is that lithium prices will recover sometime in the year 2027, right at a point in time when we expect the concentration plant to be in production," Barnard said.
Zimbabwe, Africa's top lithium producer, has said it will ban the export of lithium concentrates from 2027 to push for more local processing. By then, the government expects
Zhejiang Huayou Cobalt
and Sinomine to have completed facilities for further processing in the country.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
14 minutes ago
- Mint
India-UK FTA to boost bilateral trade for pharma, medtech, say industry bodies
The India-UK free trade agreement, signed on Thursday, is expected to open up new opportunities for Indian pharmaceutical and medical device makers. The deal is also expected to improve access to medical devices from the UK in India. Medical device manufacturers anticipate an increase in trade between the two countries but are awaiting clarity on non-tariff measures and on whether regulatory processes will be streamlined. 'Previously, medical devices imported into the UK were duty-free, so tariff restrictions were not an issue but regulatory approval costs and time were a challenge,' said Rajiv Nath, forum coordinator of industry body Association of Indian Medical Device Industry (Aimed). The body had previously sought recognition of regulatory approvals from the CDSCO or the Quality Council of India's voluntary Indian Certification for medical devices to fast-track approvals by the UK's Medicines and Healthcare products Regulatory Agency (MHRA). 'We look forward to an update on this,' said Nath. However, medtech manufacturers are also seeking strict monitoring of imports to India, to prevent other countries rerouting products into India through the UK. Mint had previously reported that domestic manufacturers raised concerns over the possibility of Chinese-origin products being routed through the UK to exploit the zero-tariff provisions under the FTA. India levies about 7.5% import duties on medical devices from the UK, which are expected to come down in a phased manner after the deal, Nath said. In 2024, medical device exports to the UK increased by 13% year-on-year to ₹ 1,015 crore, while imports from the UK rose 36% to ₹ 2,295 crore, according to Exim data. 'It not only strengthens trade ties but also opens new avenues for advanced technology collaborations between Indian and UK companies,' Himanshu Baid, managing director of Poly Medicure Ltd, said in a statement. 'With India exporting medical devices worth approximately $115 million to the UK, one of our top 10 export destinations, this agreement is poised to further boost our presence,' he added. The trade deal is also expected to open up the market for India's generic drugmakers. 'As per the indications, the pharma sector will have opportunities to supply affordable and quality assured medicine contributing to better patient care in the UK,' said Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance (IPA). 'We are awaiting further details to identify specific areas where these opportunities can be effectively leveraged,' he added. Generic players like Lupin, Biocon, Dr. Reddy's Laboratories and Wockhardt, which have exposure to the UK market, could stand to benefit.
&w=3840&q=100)
Business Standard
15 minutes ago
- Business Standard
Wealthy investors bet on Dubai, Abu Dhabi despite regional risks
At the Dubai offices of Abbey Road Investment Group, the phone calls and emails keep landing from around the world. The inquiries are from potential clients from India and the UK, the US and Africa — even as far afield as Brazil. They're all looking to set up family offices in Dubai and Abu Dhabi, the twin emirates that offer to safeguard the fortunes of the world's wealthy without income or inheritance taxes. The cities, both part of the United Arab Emirates, have become irresistible for the world's richest people. Europeans have turned to the Gulf country to seek respite from economic uncertainties, while some wealthy Chinese have begun looking beyond long-favored hubs like Singapore. The UAE has also become a top pick for many of those relocating from the UK, where the government abolished a tax break for non-domiciled residents. They are all willing to look past the geopolitical risks swirling in the Middle East, which have been on sharp display in recent weeks as Israel and Iran launched missiles at each other. While the UAE wasn't directly affected, it stands just across the Persian Gulf from Iran. Yet the world's wealthy keep betting on the Gulf country. Abbey Road's founder Arjun Mittal says his clients like the UAE's central geographical location between east and west, tax benefits and fast developing financial system. 'We've seen no slowdown at all because of regional conflict,' said Mittal, who is the chief investment officer of Abbey Road, which acts as a multi-family office offering investment advice to wealthy clients. 'If anything, it reinforces the UAE's position as a neutral, strategic hub.' Dubai's international financial center estimates that it's home to family-related entities that control over $1.2 trillion, with the total number rising 33per cent to 800 last year. The wealth influx is driving yet another year of gains in Dubai's luxury property prices, while providing new money for its burgeoning hedge-fund industry. The emirate's financial hub has more than 70 hedge funds, while neighboring Abu Dhabi houses giants like Brevan Howard Asset Management and Marshall Wace. Bridgewater Associates founder Ray Dalio, who has been coming to the UAE for about 30 years and set up his family office in Abu Dhabi in 2023, points to the country's multinational lifestyle and its expansion into finance and AI. 'It is getting a lot more traction because as other places are deteriorating it's improving quickly so the contrasts are becoming more obvious,' Dalio said. This year, the Middle Eastern country is poised to attract about 9,800 new millionaires, more than any other nation, Henley & Partners estimates. Early data suggest the rich haven't been deterred by the tensions in the broader region. Luxury property prices in Dubai — an investment favored by foreign families — hit new records in the second quarter. Sales of homes priced above $10 million surged to $2.6 billion between April and June, according to researcher Knight Frank. The figure marked a 37per cent increase from the first quarter. Last month, Abu Dhabi's international financial center welcomed 267 new entities — including different types of companies and family offices. The hub has a strong pipeline for the rest of the year, a spokesperson said in a statement. Regional risks are still lurking in the background. The UAE is an American ally that's home to thousands of US military personnel. After the US hit Iran's nuclear sites last month, the Islamic Republic threatened to attack American assets and launched missiles on a US base in neighboring Qatar. There were no casualties. US President Donald Trump went on to announce a ceasefire between Israel and Iran. Yet, there are lingering uncertainties about the status of Iran's nuclear program. 'Drones and missiles in the region have not been targeting individuals' safe deposit boxes. Yet surely a major, successful attack on desalination facilities or an airport keeps government officials up at night,' said Robert Mogielnicki, senior resident scholar at the Arab Gulf States Institute in Washington. 'I'd say such threats fall into a low likelihood-high impact category.' To hedge against risks, the rich from overseas tend to put only some assets in the UAE and diversify well beyond, he said. 'The UAE is usually just one part of global optionality constructed by family offices.' The new money flowing in, coupled with the billions already held by local families, has already been fueling a more sophisticated private banking industry for the UAE as banks from Barclays Plc to Deutsche Bank AG and even Bank of Singapore expand. Barclays has seen double-digit growth in the total number of family offices it serves in the UAE and has relocated staff from overseas. 'The UAE is a key strategic market for us, not only because of the wealth creation from local Emiratis, but also because of the massive migration that has come into the country which has been extremely successful,' Mathias Gonzalez, Barclays private bank's new head of investments in Switzerland and Dubai said in an interview. At Dubai-based wealth advisory firm M/HQ, managing partner Yann Mrazek says one in five family offices they have been setting up are either Chinese or have some China connection. Elsewhere, one Chinese family office for several billionaires recently sold off most of their financial holdings in the US amid concerns about a recession there and is allocating a large chunk of the proceeds to Dubai this year while also weighing options in Asia, a person with knowledge of the matter said, asking not to be named discussing private information. While they might have considered Singapore in the past, they were reluctant to use it this time because the country has introduced more regulatory reporting requirements in recent years, the person said. The Iran-Israel conflict didn't dent the family's view on the UAE because they see geopolitical risks in other parts of the world as well, the person added. Still, despite the UAE's gains, Singapore remains a primary hub for Chinese money and wealth from other countries. The city-state 'continues to receive strong interest' from family offices who are keen to access investments opportunities, said a spokesperson for the Singapore Economic Development Board. Many rich families are willing to look past the geopolitical risks of the Middle East because of difficulties in their own countries, said Mogielnicki, the political economist. 'Plenty of the individuals behind the influx of global wealth into the UAE are coming from places with substantial risk, be it conflict-related or otherwise,' he said. 'Risk tolerance is a relative measure.' --With assistance from Alex Dooler, Hema Parmar, Gabrielle Ng, Ben Bartenstein and Nicolas Parasie.
&w=3840&q=100)
Business Standard
2 hours ago
- Business Standard
India's spiritual circuits to benefit as Chinese tourists make a comeback
Indian tour operators are cheering the government's move to issue tourist visas to Chinese citizens for the first time in five years – a sign of thawing relations between the two nations. 'It is a good move. China is one of our major trade partners, and tourism, which fosters people-to-people interaction, could lead to greater cooperation and understanding. But mere liberalisation of the visa regime is not enough. There should be a concentrated effort to create and actively promote itineraries and experiences geared to attract Chinese tourists,' said Ajay Prakash, vice president of the Federation of Associations in Indian Tourism & Hospitality (FAITH). India had received around 300,000 Chinese tourists in 2019, after which the Covid-19 pandemic prompted countries to close off their borders. However, the two most populous nations in the world did not lift travel restrictions for each other's citizens. 'Chinese tourists accounted for nearly 27 per cent of total foreign tourist arrivals to India in 2019, and we are very glad to welcome this move from the government as China is an important source market for the country,' said Ravi Gosain, president of the Indian Association of Tour Operators (IATO), which has been pushing for this for the past three years. In 2018, a survey conducted by the Chinese International Travel Monitor revealed that Delhi and Mumbai were among the top visited Indian cities for Chinese tourists. However, the Taj Mahal in Agra was the most favoured site to visit. 'Chinese tourists mostly used to visit in big groups and enjoyed seeing the variety of experiences that India offers. The Golden Triangle – made up of Delhi, Jaipur, and Agra – was among the most sought-after tours from these groups,' said a tour operator who did not wish to be named. Now, with the evolution of spiritual tourism in the country, the Buddhist spiritual corridors coming up in Bihar, connecting the ancient Vishnupad and Mahabodhi temples, are set to see heightened interest from Chinese travellers, say industry experts. The Embassy of India in China announced on Wednesday that visas can be applied for starting Thursday (July 24, 2025) after completing an online application and obtaining an appointment at the Indian Embassy in Beijing and the consulates in Shanghai and Guangzhou. This came after China resumed the Kailash Manasarovar Yatra in June this year. As many as 750 pilgrims were selected from 5,500 applicants. Indian Minister of External Affairs S. Jaishankar had also travelled to China in July and met his counterpart Wang Yi, along with other national leaders, including President Xi Jinping. These steps have been instrumental in this move, say industry experts, adding that the move will help in.
