Chinese mining company Zhejiang Huayou Cobalt, through its subsidiary Prospect Lithium Zimbabwe, has inaugurated a $300 million lithium processing plant in Zimbabwe. The country, which boasts one of the world's largest lithium reserves and the largest in Africa, has attracted investors from Canada, the U.K., and Australia due to the growing global demand for lithium in electric car batteries.
The new plant, located in Goromonzi, has an annual processing capacity of 4.5 million metric tons of hard rock lithium, producing concentrate for export. The firm aims to initially process 450,000 tons of concentrate per year, which will be further refined into battery-grade lithium outside of Zimbabwe.