THE Lithium Association of Zimbabwe is confident the strong global demand for the commodity is set to boost local production and viability.
The association has been unveiled to focus on the growth of the viable industry which has so far attracted interest from several international investors.
Despite fluctuating prices on the global market, it is the strong demand for lithium mainly from Asian economies that is providing further hopes of growth.
The development has seen Zimbabwe’s lithium mining sector scaling up investments, with a focus on expansion.
“The envisaged growth is mainly premised on strong demand mainly from the dominant markets within the global scale such as China, Australia and Chile. Therefore, it is that time for the entire sector to focus on increasing output while targeting those systems that attract fresh investments as the nation seek to achieve a US$12 billion mining industry by year-end,” noted Lithium Association of Zimbabwe secretary general, Mr Eric Nhodza.
The newly formed association is also expected to help the government with policies to increase investments within the lithium mining value chain.
“It is within our thrust that focus should be linked to increasing value chains within the local platinum mining industry, enhancing viability, identifying challenges, working with relevant ministries to attract more capital and strategic alliances with global investors. We hope that this new initiative will also go a long way in further increasing business confidence in the platinum mining sector,” said Mr Nhodza.
Lithium is emerging as a highly sought-after commodity as economies target achieving a net-zero global economy.
Efforts to increase production of the mineral are now fixed on Zimbabwe which boasts of the largest reserves in Africa and among the top six largest lithium reserves in the world.