Zimbabwe's lithium export earnings surge on higher spodumene prices
HARARE – Zimbabwe recorded lithium export sales worth $2.16-billion during the nine months to September 30, nearly four times the total sales for last year, the government's minerals marketing agency said on Wednesday.
The increase was mainly due to a 283% increase in the price of spodumene concentrate, a lithium-bearing mineral which is a key source of the battery metal, the Minerals Marketing Corporation of Zimbabwe's General Manager Nomusa Moyo said during a briefing.
Spodumene concentrate sales accounted for $1.8-billion of total lithium export income, followed by income from petalite, another lithium-bearing mineral, at $155-million.
Zimbabwe also registered $190-million in sales of lithium sulphate, a processed chemical used as an intermediate material in the production of battery-grade lithium compounds.
China's Zhejiang Huayou Cobalt 603799.SS began exporting lithium sulphate from its Zimbabwe mine in April, after building Africa's first lithium salt plant for $400-million.
About 33 000 metric tons of lithium sulphate were exported by the end of September, the MMCZ said.
Lithium products have overtaken platinum group metals as Zimbabwe's biggest mineral exports after gold. PGMs generated $1.73-billion in the nine months to September 30.
Total mineral sales, excluding gold, doubled to $4.74-billion compared to the same period last year.
Most of Zimbabwe's lithium exports go to China. Chinese firms including Zhejiang Huayou Cobalt, Sinomine 002738.SZ, Sichuan Yahua 002497.SZ, Chengxin Lithium Group 002240.SZ and Tsingshan Holding Group dominate Zimbabwe lithium mining and processing, after investing about $2-billion since 2021.
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