Mining lithium to boost Zim economy
The Tesla Model X has the potential to turn around Zimbabwe’s economic fortunes.
The government hopes that global electric carmakers whose vehicles are powered by lithium batteries will in the near future recognise the country as a lithium hub.
Zimbabwe, the fifth-largest lithium producer in the world and the largest in Africa, may become the hub of electric car production.
Figures from Statista show that lithium production in Zimbabwe rose to 1,000 tons in 2017 from 900t in 2016. Peak production was 1,060t, in 2012.
Now, with mining companies set to develop new mines in Zimbabwe, hopes are high that production will rise.
Globally, the country trails behind Australia, Chile, Argen- tina and China.
Speaking earlier this year at a mining indaba, mining minister Winston Chitando said the country at peak output had the potential to meet 20% of global lithium demand. In the next four years it could meet 10% of the demand, he said.
An Australian firm, Prospect Resources, is at the forefront of efforts to turn Zimbabwe into a lithium giant. Last week it held a ground-breaking ceremony at its Arcadia lithium project, about 40km outside Harare.
Based in Perth and listed on the Australian Securities Exchange, the company also has operations in the Democratic Republic of Congo.
“The next key milestone for the project is to secure finance from international investors,” said Hugh Warner, the executive chair of Prospect.
“As Prospect reaches out to the international investment community to finance Arcadia, we are also working closely with the government to provide confidence of fiscal stability to Prospect, our investors and the people of Zimbabwe,”
An independent consulting geologist, Greg Moseley, said the Arcadia project was among the top 30% of lithium deposits in the world and had the potential to be a big money-spinner.
Global demand for lithium metal is estimated to grow 8.9% this year. –
The next key milestone for the project is to secure finance from international investors