VenturesNow

Under govt pressure, Zimbabwean lithium miners present their refinery plans

Published

7 months ago

May 21, 2024

A Zimbabwean government official announced on Monday that four lithium mining businesses had submitted plans to produce battery-grade lithium in the country to strengthen its economy.

Zimbabwe, the continent’s leading supplier of lithium, which is used in batteries for electric cars and to store renewable energy, is encouraging miners to refine the mineral domestically. At the moment, Chinese lithium miners, who control the majority of the industry in Zimbabwe, only generate concentrates, which they export to China for additional processing.

Zimbabwe’s finance minister, Mthuli Ncube, stated in November of last year that miners had until March 2024 to submit their proposals for domestic refining.

Deputy Minister of Mines Polite Kambamura told Reuters that the government has decided to extend the deadline by two months at the request of certain miners.

“They are coming forward with plans but these are long-term plans which we are receiving. We have four large-scale producers who have come forward,” Kambamura said.

He noted that the government has not yet given the plans any thought, but he declined to identify the companies that had submitted blueprints.

Over $1 billion in investments have been made by Chinese miners, such as Zhejiang Huayou Cobalt, Sinomine Resource Group, Chengxin Lithium Group, Yahua Group, Canmax Technologies, and the Tsingshan Group, in response to Zimbabwe’s some of the largest hard-rock lithium reserves in the world.

According to Huayou, it will investigate producing battery-grade lithium in Zimbabwe “only when the economic and construction conditions are right”.

According to the business, Zimbabwe lacks the natural gas, sulfuric acid, and dependable renewable energy sources required to generate lithium suitable for batteries. Nonetheless, Zimbabwe has pushed for domestic refining to profit from the anticipated rise in lithium demand as the globe moves toward greener energy sources.

“We are not going to end on concentrates, we want batteries to be manufactured here,” Kambamura said.

Related Topics:Featured lithium miners Zimbabwe Zimbabwean lithium miners

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day 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.

VenturesNow

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.”