Latest news with #WinstonChitando
Business Insider
3 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.
Yahoo
3 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
4 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.
The Star
4 days ago
- Business
- The Star
Zimbabwe to ban lithium concentrate exports to boost value-added production
HARARE, June 10 (Xinhua) -- Zimbabwe, a major lithium producer in Africa, announced on Tuesday that it will ban the export of lithium concentrate from January 2027 to boost local refining and generate more revenue from the value-added mineral. Speaking at a post-cabinet media briefing, Mines and Mining Development Minister Winston Chitando said Zimbabwe is building capacity to produce battery-grade lithium through two major Chinese-invested companies Bikita Minerals and Prospect Lithium Zimbabwe. He said the value-added facilities will process lithium concentrate into lithium sulfate, which is a direct input into lithium battery manufacturing. "The two major players are in the process of establishing lithium sulfate plants. As a country, we are moving to a stage where we are upgrading our lithium production to lithium sulfate. Because of that capacity which is now in the country, the export of all lithium concentrates will be banned from January 2027," Chitando said. The minister urged lithium producers who are not investing in value-added facilities to sign tolling agreements with companies that have the processing capacity. Zimbabwe has begun exporting lithium concentrates following the 2022 ban on raw lithium ore exports. Zimbabwe has the largest lithium reserves in Africa. Due to growing global demand for the mineral, which is critical in the new energy drive, the country has witnessed huge investments in the lithium sector in recent years.
Yahoo
12-04-2025
- Business
- Yahoo
Zimbabwe Mining Development seeks to protect assets from international debt dispute
Zimbabwe's state-owned Zimbabwe Mining Development (ZMDC) is seeking a resolution to protect its assets, which are at risk of being seized over a debt incurred from an international arbitration case with Amaplat Mauritius, reported Bloomberg. ZMDC chairman Paul Chimboza has confirmed the authenticity of a letter addressed to Mines Minister Winston Chitando, requesting government intervention in the dispute linked to cancelled nickel and platinum projects. The letter, verified by Bloomberg, highlights the corporation's repeated requests for the state to assume the $93m debt owed to Amaplat's unit. The arbitration case was ruled in favour of Amaplat by the International Chamber of Commerce in 2014, with Zambia's High Court allowing the enforcement of the ruling in 2019. A settlement proposal was accepted by Zimbabwe's Finance Ministry in 2021, with ZMDC agreeing to make the payments, which had escalated to $65.9m. As part of the settlement, Bravura, owned by Nigerian businessman Benedict Peters, was to pay $15m to Amaplat. However, according to Chimboza, Bravura has only paid $3m, and the remaining terms, including the transfer of mining assets, have not been fulfilled. Bravura officials have not commented on the matter. ZMDC's financial woes are compounded by the fact that most of its assets have been transferred to Defold Mine, a new state company, leaving it with limited internal resources to address the debt. The financial strain on ZMDC is exacerbated by legal costs, which have exceeded $500,000. Amaplat insists that the responsibility for the debt lies with the Zimbabwean Government. Amaplat in a response to queries said: 'As the ICC award is against a Zimbabwe government parastatal and the commissioner of a government ministry, the ZMDC and the Chief Mining Commissioner of the Ministry Mines, the public debt remains the responsibility of the government of Zimbabwe for the full amount.' Further legal complications loom for Zimbabwe, with Amaplat planning to register its award in Canada following a similar action in the US. A related hearing is scheduled for 30 June. Zimbabwe is facing significant financial challenges, with state entities owing more than $21bn and being excluded from international capital markets due to defaults on loans from institutions such as the World Bank and European Investment Bank. Last year, Zimbabwe announced plans to secure a 26% free-carry stake in all new mining projects in the country. "Zimbabwe Mining Development seeks to protect assets from international debt dispute" 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.
