Lithium rush takes Zim by storm

March 24, 2022

Lithium rush takes Zim by storm

Zimbabwe possesses Africa’s largest lithium reserves and the fifth largest globally, but the resource has remained largely untapped due to a lack of investment

Three Chinese energy firms have snapped up controlling equity in Zimbabwean lithium mines over the past four months, as the world’s biggest electric vehicles market takes a strategic position in Africa.

Growing interest in Zimbabwe by Chinese companies is meant to diversify the supply of lithium, a much sought after mineral used in the manufacture of EVs.

Chengxin Lithium Group started the spate of acquisitions last November with the acquisition of a 51 percent interest in Max Mind Investments’ Sabi based Star Lithium Mine in eastern Zimbabwe at a cost of US$77 million.

Full story on: African Business