The first nine months of 2023 generated $209 million in lithium exports for Zimbabwe, according to Mines Minister Zhemu Soda.
This is roughly three times the amount gained in the same period last year, as Chinese-led mining and processing facilities gain momentum.
"The revenue generated from the export of lithium grew from $1.8 million in 2018 to $70 million in 2022," Soda was quoted as saying by Reuters during a mining conference in Bulawayo.
“By September 2023, a total of $209 million had been realised from lithium exports.”
After gold and platinum group metals, lithium is poised to become Zimbabwe's third most valuable mineral export, with export receipts of $2.46 billion and $2.27 billion, respectively, recorded last year. Zimbabwe, the foremost lithium producer in Africa, is optimistic that the mineral's critical demand for renewable energy storage will assist in the recovery of its faltering economy.
Over the past two years, Chinese companies, including Canmax Technologies, Zhejiang Huayou Cobalt, Sinomine Resource Group, Chengxin Lithium Group, and Yahua Group, have invested in Zimbabwe to buy and develop lithium mines.
The majority of these firms have recently commissioned processing facilities and are currently transporting lithium concentrates to China for additional processing.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
