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Zimbabwe gives lithium miners deadline for refinery plans

Published

1 year ago

December 1, 2023

Zimbabwe has given lithium miners a deadline to present outlines for the local production of battery-grade lithium in a bid to benefit from the growing demand for the clean energy mineral.

During the presentation of the national budget for 2024 on Thursday, Mthuli Ncube, the minister of finance, stated that the government did not consider the current concentrate production in the country to be beneficiation, which is the process of improving raw minerals to add value.

Due to the widespread use of rechargeable lithium batteries in the expanding markets for electric vehicles, portable electronics, electric tools, and grid storage applications, lithium consumption for batteries has increased dramatically in recent years.

“Any lithium value addition process that does not result in the production of lithium carbonate is not regarded as beneficiation. Lithium-producing companies should submit their beneficiation plans no later than 31 March 2024,” Ncube said.

He added that no new licences would be granted to prospective lithium miners without approved beneficiation plans.

Some of the largest hard-rock lithium reserves in the world are found in Zimbabwe, and Chinese miners Sinomine Resource Group, Chengxin Lithium Group, Zhejiang Huayou Cobalt, Yahua Group, and Canmax Technologies have invested over $1 billion in these reserves.

Sinomine, a company that recently put its $300 million spodumene concentrator at its Bikita mine in southern Zimbabwe into service, announced on the same day that it had begun feasibility studies to produce battery-grade lithium in Zimbabwe.

Huayou, a competitor, stated that it would investigate local production of lithium sulphate “only when the construction and economic conditions are right.” Huayou purchased the Arcadia mine, which is located just outside of Harare in 2022 and built a concentrator that began production earlier this year.

According to to 2022 report, the global end-use markets for lithium are estimated to be as follows: batteries, 74%; ceramics and glass, 14%; lubricating greases, 3%; continuous casting mould flux powders, 2%; polymer production, 2%; air treatment, 1%; and other uses, 4%. Lithium markets vary depending on the location.

With $209 million in revenue during the first nine months of 2023, gold and platinum group metals (PGM) are Zimbabwe’s two largest mineral exports.

Related Topics:Featured Lithium Zimbabwe

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Moroccan annual inflation rises to 0.8% in November

Published

20 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”