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Sandawana Mines in Zimbabwe, a subsidiary of Kuvimba Mining House, retrenches 300 workers as a result of the falling price of lithium on the international market. This follows a decline in lithium prices on the global market
Sandawana Mines in Zimbabwe, a subsidiary of Kuvimba Mining House, retrenches 300 workers as a result of the falling price of lithium on the international market. This follows a decline in lithium prices on the global market.
A company official said that retrenchment is resorted to protect the business resulting in the curtailing of operations. He added that the miner had amassed about a million tons of ore over time and could not afford to keep spending money when there was now no market for the product.
Lithium prices have dropped by 80%, while those for lithium ore have dropped by 2%–2.5%. To keep to 700 contractors, Sandawana had to reduce that figure by 300.
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https://trendsnafrica.com/zimbabwe-pines-its-hope-on-lithium/
As the primary raw material for batteries, lithium has been in greater demand than supply over the past few years as a result of the global drive for electric vehicles. Global market analysts had, however, cautioned about the possibility of falling mineral prices as early as last year.
A shaky economic future in the world’s biggest nations and escalating geopolitical tensions were blamed for the drop in lithium prices globally.
