Zimbabwe’s Lithium Export Earnings Surge as Spodumene Prices Soar

Zimbabwe’s lithium export earnings surged to $2.16 billion in the nine months to September, nearly quadrupling the country’s total lithium sales for the whole of last year as higher spodumene prices and growing processing capacity reshape the mineral sector.

The Minerals Marketing Corporation of Zimbabwe (MMCZ) said spodumene concentrate accounted for $1.8 billion of lithium export revenue during the period, following a 283% increase in its price.

Petalite, another lithium-bearing mineral, generated a further $155 million, while lithium sulphate contributed $190 million after Zimbabwe expanded its capacity to process lithium into higher-value products.

China’s Zhejiang Huayou Cobalt began exporting lithium sulphate from its Zimbabwe operation in April after investing $400 million to develop what was described as Africa’s first lithium salt plant.

By the end of September, around 33,000 tonnes of lithium sulphate had been exported, highlighting Zimbabwe’s growing role in the processing side of the battery minerals supply chain.

The surge has pushed lithium products ahead of platinum group metals (PGMs) to become Zimbabwe’s second-largest mineral export category after gold. PGMs generated $1.73 billion during the nine-month period.

Overall mineral sales excluding gold doubled to $4.74 billion compared with the same period last year, underscoring the growing contribution of lithium to Zimbabwe’s mining economy.

China remains the dominant destination for Zimbabwe’s lithium exports, while Chinese companies have established a strong position across the country’s lithium mining and processing industry.

Zhejiang Huayou Cobalt, Sinomine, Sichuan Yahua, Chengxin Lithium Group and Tsingshan Holding Group have invested about $2 billion in Zimbabwe’s lithium sector since 2021.

The rapid expansion reflects growing Chinese demand for battery minerals and Zimbabwe’s emergence as an important source of lithium for global energy-transition supply chains.

For Zimbabwe, however, the latest figures also highlight the importance of moving beyond the export of raw and semi-processed minerals. The development of lithium sulphate production represents a step towards greater domestic value addition, potentially allowing the country to capture more economic value from its mineral resources.

With lithium prices, processing capacity and investment continuing to shape the sector, Zimbabwe is increasingly positioning lithium as a central pillar of its future mining industry.