As the shift towards sustainable energy gains momentum across the globe, the demand for lithium is anticipated to continue its upward trajectory, leading to an increase in its price despite growing supply.
Lithium plays a pivotal role as a key component in lithium-ion batteries, which are essential for powering electric vehicles. The Southern African nation of Zimbabwe first uncovered this valuable resource, often referred to as ‘white gold,’ back in 1990.
The exploration efforts at the Bikita Mine in Masvingo Province, home to the world’s largest known lithium deposit estimated at around 11 million tonnes, commenced as far back as 1953 when lithium was not widely recognized as a valuable mineral. The surge in demand for electric vehicles has, in turn, ignited a global rush for lithium, as miners from around the world scramble to secure this mineral in high demand.
Zimbabwe now sets its sights on achieving a $12 billion milestone in its mining industry by the end of the year. Pfungwa Kunaka, Zimbabwe’s Permanent Secretary for Mines and Mining Development, is slated to discuss the country’s latest initiatives in exploration, extraction, and refining at the upcoming Critical Minerals Africa (CMA) 2023 summit, scheduled for November 17 to 19.
Zimbabwe’s mining sector, accounting for 13 percent of its GDP, stands out as diverse and globally competitive, boasting an array of over 60 mineral resources, including the world’s second-largest reserves of platinum group metals (PGMs). While PGMs are expected to maintain their dominance in the sector, with three new projects underway at Darwendale, Karo, and Mupani prospects, significant growth is anticipated in diamond, coal, chrome mining, and gold production, which is projected to double by 2025.