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The Chinese conglomerate BYD, according to media reports is in talks to buy six new lithium mines in unspecified African countries. Already Chinese Mining companies are exploring lithium in countries like DRC, Zimbabwe, etc.
The Chinese conglomerate BYD, according to media reports is in talks to buy six new lithium mines in unspecified African countries. Already Chinese Mining companies are exploring lithium in countries like DRC, Zimbabwe, etc.
Lithium has become the most sought-after metal. The global rush for this metal has shot up with its inevitability in electric vehicle production and, more broadly, combatting climate change. With almost all of the automakers jumping into EV (electric vehicle) production, the prices for the “green metal” have seen an almost 500% rise in the past year, according to sources. Tesla CEO Elon Musk recently tweeted that the “insane” costs have led Tesla to consider the option of exploring the opportunities in mining & refining directly.
The scramble for Lithium has also shed the spotlight on Africa, with the immense potential for the metal within the continent. China, which has the largest EV market in the world, is increasingly scouring Africa for Lithium.
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The Chinese conglomerate BYD, according to media reports is in talks to buy six new lithium mines in unspecified African countries. Already Chinese Mining companies are exploring lithium in countries like DRC, Zimbabwe, etc. Chinese mining giant Zijin is fighting a legal battle in the Democratic Republic of Congo, with Australia’s AVZ minerals over control of the Manono mine – possibly the world’s biggest lithium deposit. In Zimbabwe, which has several large untapped deposits of metal, China has already bought up mines. It was reported that Zhejiang Huayou Cobalt is investing $300 million in its recently purchased Arcadia Lithium mine outside Harare. The investment proposal includes constructing a plant with a processing capacity of 400,000 metric tons of lithium concentrate a year. BiShenzhen Chengxin Lithium Group and Sinomine Resource Group are only two of many companies that have invested in lithium in Zimbabwe in the past year.The demand for Lithium has become a major opportunity for Zimbabwe which has been languishing under western Western Sanctions.
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https://trendsnafrica.com/
https://trendsnafrica.com/
