By Reuters

Zimbabwe recorded lithium export sales worth $2.16bn 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 (MMCZ) GM Nomusa Moyo said during a briefing.

Spodumene concentrate sales accounted for $1.8bn of total lithium export income, followed by income from petalite, another lithium-bearing mineral, at $155m.

Zimbabwe also registered $190m 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 began exporting lithium sulphate from its Zimbabwe mine in April, after building Africa’s first lithium salt plant for $400m.

About 33,000 tonnes 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 $1.73bn in the nine months to September 30.

Total mineral sales, excluding gold, doubled to $4.74bn compared to the same period last year.

Most of Zimbabwe’s lithium exports go to China. Chinese firms including Zhejiang Huayou Cobalt, Sinomine, Sichuan Yahua, Chengxin Lithium Group and Tsingshan Holding Group dominate Zimbabwe lithium mining and processing, after investing about $2bn since 2021.