The Chinese mining company, Prospect Lithium Zimbabwe, a subsidiary of Zhejiang Huayou Cobalt, inaugurated a new lithium processing plant in Goromonzi, Zimbabwe on Wednesday.
The plant, built at a cost of $300 million, signifies China’s continued dominance in the global lithium market and its growing interest in Zimbabwe’s abundant lithium reserves.
Zimbabwe is known to possess one of the largest lithium reserves globally and the largest in Africa. With the rising demand for lithium due to its essential role in electric vehicle batteries, the country has attracted investors from Canada, the United Kingdom, and Australia.
However, China remains the dominant player, reflecting its position as the world’s largest consumer of lithium.
According to President Emmerson Mnangagwa, the newly opened plant has the capacity to process 4.5 million metric tons of hard rock lithium into concentrate annually.
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Initially, the company aims to process 450,000 tons of concentrate per year, with the intention of exporting it for further processing into battery-grade lithium outside of Zimbabwe.
The inauguration ceremony was attended by President Mnangagwa, highlighting the significance of this investment for Zimbabwe’s economic growth.
The plant’s location in Goromonzi, approximately 80 kilometers southeast of Harare, strategically positions it near the country’s capital and major transportation routes.
This milestone marks an important step for Zimbabwe’s lithium industry, as the country seeks to leverage its natural resources and strengthen its position in the global battery minerals market.
The establishment of the lithium processing plant not only brings economic opportunities but also contributes to the growth of the electric vehicle industry worldwide.