Zimbabwe’s lithium industry, still in its infancy, is poised for exponential growth, with projections indicating the sector will generate a staggering US$3.2 billion in annual turnover by 2030, driven by aggressive beneficiation investments and the country’s strategic position as Africa’s leading lithium producer, Mining Zimbabwe can report.
By Rudairo Mapuranga
Presenting at the Chamber of Mines of Zimbabwe Annual Conference in Victoria Falls, Lithium Producers Association chairman and Mutapa Energy Resources CEO Innocent Rukweza painted a picture of an industry that has weathered severe price volatility but remains resolute in its commitment to the “lithium story.”
“Up to 2030, according to our projections, the lithium industry will be registering a big turnover, based on lithium sulphate, in compliance with the beneficiation policy in NDS2 — US$3.2 billion. That will be our peak production or take-off in dollar value,” Rukweza told delegates.
The industry forecasts annual lithium sulphate production of 344,000 tonnes by 2030, marking a dramatic transformation from a sector that only emerged in 2022 following a surge in global lithium prices.
The lithium sector’s journey has been nothing short of tumultuous. Prices skyrocketed to a peak of US$86,000 per tonne in 2022, triggering a “huge influx of people coming in” and the consummation of most of the projects being discussed today. However, the industry experienced a precipitous decline that Rukweza described as “a decline that we’ve never seen before.”
“We reached our lowest points,” he recounted. “We got to a point where we had to retrench. There were project delays. We had to lay off people. We had a low price of US$14,300, down from US$86,000.”
Today, prices have stabilised at an average of US$22,000 to US$25,000 per tonne — “still a far cry from where we used to be” but indicative of a sector finding its footing.
US$3.4 billion already committed
Despite the price collapse, investment has remained robust. The industry has already deployed US$2 billion into completed projects, with an additional US$1.45 billion in projects coming online, earmarked exclusively for beneficiation in compliance with government policy.
“Together, we are talking about US$3.4 billion that has been on the table. What has been achieved is US$2 billion. And what is coming is US$1.45 billion,” Rukweza stated.
He emphasised that these figures exclude brownfield and greenfield exploration, suggesting the total investment could easily reach US$4 billion to US$5 billion. The new investments will focus on lithium sulphate plants, concentrator plants, and the recovery of trace metals from tailings.
Zimbabwe leads Africa’s lithium charge
Zimbabwe already stands as Africa’s undisputed lithium powerhouse. According to the African Energy Chamber’s State of African Energy 2026 report, the country produced well over 100,000 tonnes of lithium carbonate equivalent (LCE) in 2024. By 2030, output is forecast to reach approximately 160,000 tonnes LCE, far ahead of Mali, the second-largest African producer, which is expected to reach close to 95,000 tonnes.
“Zimbabwe stands out as the clear front-runner among African lithium producers by 2030 as global demand for lithium accelerates, driven by electric vehicles and battery storage as the world transitions to clean energy,” the report noted.
The country’s lithium exports reached 1.13 million tonnes of spodumene concentrate in 2025, accounting for about 15 percent of China’s lithium concentrate imports. Mineral export earnings from lithium reached US$571.6 million in 2025, outperforming volume and revenue targets.
Beneficiation: The path to value
Under the National Development Strategy 2 (NDS2) covering 2026 to 2030, the Government is prioritising the beneficiation of lithium concentrates into lithium salts. Finance Minister Professor Mthuli Ncube has stated that the Government will phase out the export of lithium concentrates by January 2027 and support the production and export of lithium salts.
“NDS2 will prioritise the transition from the production of lithium sulphate to lithium carbonate and lithium hydroxide production, which are critical inputs in battery manufacturing,” the strategy document states.
Already, Chinese firms have invested about US$2 billion since 2021 in Zimbabwe’s lithium mining sector, consolidating their grip on the global battery metal supply chain. Major players include Zhejiang Huayou Cobalt, which has completed its lithium sulphate plant, Sinomine’s Bikita Minerals, and Sichuan Yahua’s Kamativi lithium mines.
The lithium sector’s growth trajectory aligns with Zimbabwe’s broader Vision 2030 of attaining an upper-middle-income economy. The mining sector contributed US$5.6 billion to Zimbabwe’s GDP in 2022 and is expected to contribute US$20 billion by 2030.
Rukweza, who was recently appointed chairman of the Lithium Association of Zimbabwe, emphasised that the industry remains “committed to the story of lithium” and determined “to make it better than what it is as a collective.”
“This is an infant that is going to mature at one point,” he concluded, projecting a future where Zimbabwe’s lithium industry stands as a cornerstone of the national economy.
