Latest news with #BikitaMinerals
Time of India
a day ago
- Business
- Time of India
Zimbabwe sets lithium export ban
Zimbabwe will ban exports of lithium concentrates from 2027 in hopes that mining companies start processing and refining the critical mineral locally, the government said. With the largest lithium reserves in Africa and exporting mainly to China, Zimbabwe is a key player in the global race to secure "transition minerals" needed to make electric vehicles and batteries. The government already banned the export of lithium ore in 2022. The new, upcoming ban on exports of lithium concentrates is meant to encourage local processing and refining so that they can be exported at a higher value. "With effect from January 2027 the export of lithium concentrate will no longer be allowed," the government said in a statement following a cabinet meeting on Tuesday. It said that two companies, Bikita Minerals and Arcadia Lithium, were "in the process of establishing refining facilities" where lithium could be produced locally. For the Harare-based Centre for Natural Resource Governance, a research and advocacy group, the government's efforts to boost revenue from its lithium comes "too little, too late." "2027 is too distant, given the pace of extraction and the price volatility of lithium on the global market," it said in a statement on Wednesday. By then, it warned, millions of tons will be exported, "enriching foreign capital while eroding our chances for sustainable economic development". "Zimbabwe must assert control over its critical minerals," it said, as "unchecked lithium exploitation... has devastating socio-economic and environmental implications". Zimbabwe faces significant challenges from climate change. In 2024, El-Nino-induced drought triggered a state of national disaster, significantly affecting its agricultural sector. An estimated 7.2 million people are believed to be food insecure in Zimbabwe, according to the UN.
Business Insider
2 days ago
- Business
- Business Insider
Africa's largest lithium producer to ban concentrate exports by 2027
Zimbabwe will ban the export of lithium concentrates starting January 2027, as part of a broader strategy to boost local value addition in the mining sector. Zimbabwe will ban the export of lithium concentrates starting January 2027, as part of a broader strategy to boost local value addition in the mining sector, Mines Minister Winston Chitando announced on Tuesday. The move builds on the southern African nation's 2022 ban on raw lithium ore exports and shows its commitment to developing a domestic lithium processing industry. Most lithium miners operating in Zimbabwe, primarily Chinese companies, have been exporting concentrates to China for further processing. Chitando revealed that two lithium sulphate processing plants are currently under development: one at Bikita Minerals, owned by China's Sinomine Resource Group, and the other at Prospect Lithium Zimbabwe, owned by Zhejiang Huayou Cobalt, Reuters reported. Lithium sulphate is an intermediate product that can be further refined into battery-grade lithium hydroxide or lithium carbonate, critical components in the battery manufacturing supply chain. "Because of that capacity which is now in the country, the export of all lithium concentrates will be banned from January 2027," Chitando said during a press briefing. Chinese firms bet big on Zimbabwe's lithium Zimbabwe, Africa's largest producer of lithium, a key mineral used in batteries for electric vehicles and renewable energy storage, has emerged as a critical player in the global lithium market, especially after prices surged in 2021 and 2022. Although spot prices have since plunged by nearly 90% due to oversupply and weaker-than-expected EV demand, Chinese companies continue to invest heavily in Zimbabwe's lithium sector to secure feedstock for their domestic refineries. Leading firms such as Sinomine, Huayou Cobalt, Chengxin Lithium Group, Yahua Group, and Canmax Technologies have collectively invested over $1 billion in acquisitions and project development since 2021. Across the broader continent, lithium mining and exploration activity is gaining momentum in countries like Namibia, Mali, Ghana, and the Democratic Republic of the Congo (DRC). However, these projects are still small relative to the number of projects developed in the Americas, Australia and Europe.
The Sun
2 days ago
- Business
- The Sun
Zimbabwe sets lithium export ban
HARARE: Zimbabwe will ban exports of lithium concentrates from 2027 in hopes that mining companies start processing and refining the critical mineral locally, the government said. With the largest lithium reserves in Africa and exporting mainly to China, Zimbabwe is a key player in the global race to secure 'transition minerals' needed to make electric vehicles and batteries. The government already banned the export of lithium ore in 2022. The new, upcoming ban on exports of lithium concentrates is meant to encourage local processing and refining so that they can be exported at a higher value. 'With effect from January 2027 the export of lithium concentrate will no longer be allowed,' the government said in a statement following a cabinet meeting on Tuesday. It said that two companies, Bikita Minerals and Arcadia Lithium, were 'in the process of establishing refining facilities' where lithium could be produced locally. For the Harare-based Centre for Natural Resource Governance, a research and advocacy group, the government's efforts to boost revenue from its lithium comes 'too little, too late.' '2027 is too distant, given the pace of extraction and the price volatility of lithium on the global market,' it said in a statement on Wednesday. By then, it warned, millions of tons will be exported, 'enriching foreign capital while eroding our chances for sustainable economic development'. 'Zimbabwe must assert control over its critical minerals,' it said, as 'unchecked lithium exploitation... has devastating socio-economic and environmental implications'. Zimbabwe faces significant challenges from climate change. In 2024, El-Nino-induced drought triggered a state of national disaster, significantly affecting its agricultural sector. An estimated 7.2 million people are believed to be food insecure in Zimbabwe, according to the UN.
Yahoo
2 days ago
- Business
- Yahoo
Zimbabwe to impose export ban on lithium concentrates from 2027
Zimbabwe will enforce a ban on the export of lithium concentrates starting in 2027, aiming to bolster local processing capabilities, according to Mines Minister Winston Chitando, reported Reuters. This decision follows the country's prohibition of lithium ore exports in 2022 and is part of a broader initiative to encourage domestic processing within Africa's leading lithium-producing nation. Lithium sulphate plants are currently under development at Bikita Minerals and Prospect Lithium Zimbabwe, owned by Sinomine and Zhejiang Huayou Cobalt, respectively. These facilities will produce an intermediate product that can be refined into battery-grade materials such as lithium hydroxide or lithium carbonate, essential for battery manufacturing. 'Because of that capacity, which is now in the country, the export of all lithium concentrates will be banned from January 2027,' Chitando was quoted as saying during a media briefing after a cabinet meeting. Despite the ambitious local processing plans, Zimbabwe had to adjust its policies after lithium prices fell in 2023, the report said. Lithium miners were initially given until March 2024 to submit plans for local refineries, but the government softened its stance due to market conditions. Chinese companies including Chengxin Lithium Group, Yahua Group and Canmax Technologies have invested more than $1bn (7.19bn yuan) since 2021 in acquiring and developing lithium projects in Zimbabwe. Meanwhile, Zimbabwean miners, represented by Zimbabwe Lithium Exporters, which counts Chengxin Lithium Group among its members, are seeking a postponement of the newly imposed export tax on lithium concentrate. They argue that the 5% levy should be delayed until 2027, aligning with the expected operational date of the lithium sulphate production facilities, as per a document submitted to the mines and finance ministries. "Zimbabwe to impose export ban on lithium concentrates from 2027" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
3 days ago
- Business
- Time of India
Zimbabwe to ban export of lithium concentrates from 2027
Zimbabwe will ban the export of lithium concentrates from 2027 as it extends its push for more local processing, mines minister Winston Chitando said on Tuesday. Africa's top producer of lithium, used in batteries to power renewable energy technologies, banned the export of lithium ore in 2022 and has been pushing miners to process more domestically. Lithium miners in Zimbabwe, who are mostly from China, have been exporting concentrates to their home country. Chitando said lithium sulphate plants were currently being developed at two Zimbabwean mines, Bikita Minerals, owned by Sinomine and Prospect Lithium Zimbabwe, owned by Zhejiang Huayou Cobalt. Lithium sulphate is an intermediate product which can be refined into a battery-grade material such as lithium hydroxide or lithium carbonate used in battery manufacturing. "Because of that capacity which is now in the country, the export of all lithium concentrates will be banned from January 2027," Chitando said during a media briefing following a weekly cabinet meeting. In 2023, Zimbabwe gave lithium miners up to March 2024 to submit plans for developing local refineries, but softened its stance after prices of the metal collapsed. Sinomine and Zhejiang Huayou Cobalt are part of a group of Chinese firms, including Chengxin Lithium Group Yahua Group and Canmax Technologies, which have spent more than $1 billion since 2021 to acquire and develop lithium projects in Zimbabwe.
