Finance and Economic Development Minister, Professor Mthuli Ncube believes Zimbabwe’s lithium reserves could be substantially larger than currently believed if additional exploration were to be conducted.
Zimbabwe has the largest lithium deposits in Africa but remains largely under explored. The Bikita Minerals has the country’s largest lithium mines with reserves of 10.8 million tons of lithium ore.
Addressing tertiary students at the National University of Science and Technology (NUST) in Bulawayo today, the Finance Minister said there is more lithium scattered across the country.
“Investments in lithium are huge. However, 40 percent of our ground is explored. I think we have more lithium deposits than current estimates,” said Prof Ncube.
There are currently three major lithium projects undertaken in the country in this sub-sector namely Arcadia Lithium Mine in Goromonzi, Sabi Star in Buhera and Bikita Minerals.
Currently the government of Zimbabwe cannot ascertain the quantity of mineral deposits in the country and seem to be dependent on mining data from private multinationals.
The previous Mines Minister, Walter Chidhakwa had proposed to turn the Minerals Marketing Corporation of Zimbabwe (MMCZ) into an exploration company but this never materialized following his exit from government when President Emmerson Mnangagwa toppled the former administration in 2017.
Nevertheless the mining sector has seen substantial investment in recent years mainly in the lithium, steel, coal and gold sub-sectors.
“Transformation is also noted in the mining sector. In the next three years, Zimbabwe will be one of the highest steel producers. We have 200 years’ worth of iron deposits in Manhize.”
Recently the Minister of Mines and Mineral Development Winston Chitando said the three lithium mines and the Manhize Steel mines and furnaces in Chivhu should rake in at least US$ 5.5 billion in 2023.
In total the country expects to receipt US$ 12 billion from the mining sector by end of this year.
