Zimbabwe’s state-owned miner Kuvimba Resources has announced that its lithium assets are drawing potential investors from China and other countries.
Kuvimba has identified a lithium ore resource of 38 million tons at Sandawana, the site of a former emerald mine previously operated by Rio Tinto.
This discovery has sparked considerable investor interest, according to acting Chief Executive Officer Trevor Barnard in an interview from his office in Harare.
“It’s not just China, but other nationalities as well,” Barnard stated. “We are working on a structure that can accommodate multiple investors.
These investors will be able to acquire portions of the resource available at Sandawana and develop them.”
Kuvimba is seeking to attract investors after lithium prices stabilized following a volatile boom-and-bust period that saw numerous projects stalled, deals scrapped, and production cuts.
The market for lithium, a crucial battery metal, continues to deal with inflated inventories, with prices down approximately 80% from their peak in 2022.
Barnard, a mining veteran with previous roles at Anglo American, met with Cluff Resources last month and is also in discussions with several other potential investors.
Kuvimba, which is 65% owned by the state, is undertaking further exploration. The CEO expects the lithium resource to reach close to 100 million tons.
Zimbabwe boasts some of the world’s largest hard rock lithium reserves, primarily attracting Chinese investors.
The company plans to spend up to $300 million on developing the first phase of a lithium mine and a processing plant, Barnard disclosed.
While gold mining remains the “crown jewel” of Kuvimba’s business, the company also plans to revive the Darwendale platinum project, which stalled after Russian investors exited in 2022, according to Barnard.
