Earlier last month, Chinese companies put two lithium plants into operation in Zimbabwe, injecting impetus to the African nation’s push to become a major value in the supply chain for lithium batteries. — AP
HARARE: When Zimbabwe, a country in southern Africa rich in natural resources, seeks to capitalise on the global drive toward renewable energy to grow its economy, Chinese investments in its lithium industry are expected to help fulfil that ambition.
Earlier last month, Chinese companies put two lithium plants into operation in Zimbabwe, injecting impetus to the African nation’s push to become a major value in the supply chain for lithium batteries.
On July 5, Zhejiang Huayou Cobalt, through its local unit Prospect Lithium Zimbabwe, commissioned a US$300mil (RM1.36bil) processing plant at its Arcadia lithium mine in Goromonzi near the capital Harare.
This comes on its aim to consolidate its position as one of the top battery material producers in the world.
In 2022, the Chinese company completed a US$422mil (RM1.9bil) acquisition of the Arcadia lithium mine from Australia-listed Prospect Resources with other investors.
According to the first quarter report released by the Zimbabwe Investment and Development Agency, China is the major source of foreign investment in Zimbabwe, with significant investments registered in the mining sector, particularly the lithium subsector.
“The global boom in renewable energy has seen an increase in the number of investor inquiries into the sector, with the processing of applications underway,” according to the report.
Following the completion of the processing plant at its Arcadia mine, PLZ currently has the capacity to process 4.5 million tonnes of lithium ore, and produce 450,000 tonnes of concentrate annually, said Trevor Barnard.
Barnard is deputy general manager of the company. — Xinhua
