(Ecofin Agency) – Zimbabwe is the leading African producer of lithium. With global demand rising in recent years, the country is benefiting from growing investor interest in its untapped reserves.
Nigerian businessman Benedict Peters (photo) is expected to launch lithium production in Zimbabwe in early 2025. This was the announcement made on Tuesday June 4 by Gbenga Ojo, CEO of Bravura Holdings, a company owned by Mr. Peters .
According to details relayed by several media including Bloomberg, the plant that Bravura intends to set up for its Kamativi project can deliver 30,000 tonnes of spodumene concentrate annually. To achieve this, the company would have to process the residue from a former tin mine, which closed around 30 years ago.
It should be noted that the entry into production of the Kamativi project takes place in a context of falling lithium prices. For example, lithium carbonate prices rose from $81,360 per ton in November 2022 to $20,782 per ton in February 2024. However, Bravura does not intend to let this situation affect the development of the project.
“We are very confident […]. Even if the situation remains unchanged, we will continue our project“, explains Mr. Ojo, whose determination can undoubtedly be explained by a more positive long-term outlook for lithium, especially with regard to demand.
As a reminder, Zimbabwe is the leading African producer of lithium. The government holds a 40% stake in the Kamativi project.
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04/26/2024 – Falling lithium prices dampen sector’s hopes in Africa (report)
