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Investor brief · November 2026

Lithium in Zimbabwe

Africa's largest lithium producer, earning about US$2.2 bn in nine months — and from January 2027 only processed lithium may leave the country, which reprices every claim by its route to a processor.

Talk to the desk about lithium
28,000 t
Lithium mined (contained Li), world no. 41
2025
500,000 t
Lithium reserves (contained Li)1
USGS, Feb 2026
US$2.16 bn
Lithium exports2,3
Jan–Sep 2026
45.6%
Share of MMCZ mineral sales2
Jan–Sep 2026
Jan 2027
Concentrate export ban starts9
Confirmed Oct 2026
US$1,350/t
Spodumene SC6, CIF China20
28 Oct 2026

Updated 3 November 2026. Market context only — not a valuation of any listing and not investment advice.

01

The case for lithium

  1. Africa's largest producer

    World number four in 2025 with 28,000 t of contained lithium, behind only Australia, China and Chile, and about three times Mali, Africa's next producer.1

  2. The top mineral export

    About US$2.16 bn of lithium products sold January–September 2026: 45.6% of all minerals marketed through MMCZ, ahead of platinum-group metals.2,3

  3. A deadline that reprices ground

    Concentrate exports end in January 2027, and the government said in October 2026 there would be no further extensions. Value moves to processors and to ore that can feed them.3,9

02

Where it is

Zimbabwe's lithium sits in pegmatites — coarse granite veins carrying spodumene, petalite and lepidolite — spread across the country from Kamativi in the north-west to Bikita in the south-east. USGS counts five Zimbabwean operations among the world's main producers, and artisanal digging extends into Goromonzi, Mutoko, Chiredzi and Buhera.1,15

Bikita, Masvingo1Arcadia, Goromonzi2Kamativi, Hwange3Sandawana, Mberengwa4Sabi Star, Buhera5Fort Rixon, Insiza6Mutoko7
Approximate district centres, not claim locations.
  1. 1Bikita, Masvingo. Sinomine's Bikita mine. Petalite for decades, now spodumene too, with a lithium sulphate plant planned.
  2. 2Arcadia, Goromonzi. Huayou's open pit east of Harare, home to Zimbabwe's only operating lithium sulphate plant.
  3. 3Kamativi, Hwange. A former tin mine now producing lithium, with a sulphate plant under construction.
  4. 4Sandawana, Mberengwa. State-owned Kuvimba's pegmatite field; processing feasibility under way.
  5. 5Sabi Star, Buhera. A lithium–tantalum project of about 2,600 ha, majority-owned by Chengxin.
  6. 6Fort Rixon, Insiza. Spodumene–petalite pegmatites south-east of Bulawayo, including the Zulu project.
  7. 7Mutoko. One of several districts with artisanal lithium mining.

03

Grades and prices

Value starts with grade, measured as Li₂O, and with the mineral that carries it. Ore is upgraded into a concentrate; spodumene concentrate at 6% Li₂O (SC6) is the world price benchmark. Prices are volatile — compare like with like and check the date.

Ore grade, published resources1.06–1.31% Li₂O18,22Zulu 20.1 Mt at 1.06%; Arcadia 26.9 Mt at 1.31% (pre-Huayou figures).
Spodumene SC6, CIF ChinaUS$1,300–1,400/t2028 Oct 2026; average US$1,350, down 10% on the week.
Spodumene SC6, FOB AustraliaUS$2,254/t212 Sep 2026 (Benchmark, as quoted). Earlier date and a different basis.
Zimbabwe average spodumene priceUS$1,483/t2Realised, Jan–Sep 2026, against US$387/t a year earlier (MMCZ).
Battery-grade lithium carbonate, China spotCNY 93,800/t193 Nov 2026; down 24.9% in a month, up 16% on the year.
Spodumene, petalite, lepidolite
Spodumene is the main feed for battery chemicals. Petalite is low in iron and has long supplied glass and ceramics from Bikita. Lepidolite occurs as a minor mineral at Arcadia.16,18
Processing decides price
The 10% export tax applies to ore and concentrate but not to lithium sulphate, and from January 2027 only processed product can leave the country.9,11

04

Who buys

Chinese converters
Most Zimbabwean concentrate goes to China for conversion into battery chemicals, shipped through Beira and Durban.5,8
In-country sulphate plants
Huayou's US$400m Arcadia plant (50,000 t a year) made Africa's first lithium sulphate export in April 2026. Sinomine's 100,000 t-a-year Bikita plant is scheduled for July 2027, and Yahua's Kamativi plant is under construction.3,6,10
Committed capital
Chinese companies have invested more than US$1.4 bn in Zimbabwean lithium since 2021, and producers say they have committed US$1.45 bn to local processing.4,8
MMCZ
All minerals except gold are exported through the state-owned Minerals Marketing Corporation of Zimbabwe, which charges a 1% marketing fee.8,14

05

The rules

Ore export ban (2022)
Lithium ore and unbeneficiated lithium may not be exported without the written permission of the Minister of Mines (SI 213 of 2022, amended by SI 57 of 2023).11,12
Concentrate ban (January 2027)
Announced in June 2025. Exports were suspended in February 2026, then resumed in April under company quotas tied to written commitments to build sulphate plants. In October 2026 the government said there would be no further extensions.5,7,9,14
Export tax
10% of gross fair market value on lithium ore and concentrate from January 2026 (Finance Act No. 7 of 2025). Lithium sulphate is exempt.7,11
Royalty and levies
Producers put the total fiscal load at about 40% of revenue, including a 7% royalty, the export tax, a 3% community development levy, the MMCZ fee and VAT. The royalty rate is the producers' figure.8
Titles
Base-mineral prospecting blocks are 25 ha. Larger areas are held under Exclusive Prospecting Orders (typically 65,000 ha for three years), mining leases or special grants.13
Environment
A mining project needs an Environmental Impact Assessment certificate from the Environmental Management Agency (EMA).13
A law in progress
A new Mines and Minerals Bill was gazetted in June 2025 and had not been enacted at the time of the source.14

06

How deals are done

Outright or controlling purchase
The large assets changed hands this way: Huayou bought Arcadia for US$422m (2021), Sinomine paid US$180m for 74% of Bikita (2022) and Chengxin US$76.5m for 51% of Sabi Star (2021).15,16,17
Joint venture
Common where a holder or state entity keeps the ground and a partner brings capital — for example ZMDC's 40/60 Kamativi tailings joint venture.22
Offtake and processing
After January 2027 ore and concentrate need a processor in Zimbabwe. Whether plants will take third-party feed is not yet clear, so the route to a processor belongs in any price discussion.9,10
Small claims
Base-mineral blocks are 25 ha each. Artisanal ore sold to Chinese buyers at about US$100–150 a tonne in 2023 — a reminder of how far raw ore sits below concentrate.13,15

How Munisa works lithium:

Outright purchaseJoint ventureExploration farm-inOfftake & trading
Six ways to work with Munisa

07

Risks, and how the desk handles them

RiskWhat we do about it
Price volatility. US battery-grade carbonate averaged US$63,700/t in 2022 and US$9,000/t in 2025; Chinese spot fell by a quarter in October 2026.1,19Briefs and listings carry dated figures only; price is discussed with the desk when a deal starts, on current market terms.
Beneficiation deadline. From January 2027 only processed lithium may be exported, and one sulphate plant is running.9,10We ask holders how ore will reach a processor and put buyers in front of structures with a processing or offtake partner.
Policy shocks. Exports were suspended overnight in February 2026, and the mining law is being rewritten.5,14Every brief is dated, and the desk flags rule changes to buyers in active deals.
Artisanal mining and smuggling in lithium districts.15Each listing's verification tier and due diligence checklist show how far title, site and documents have been checked.
Power and logistics. Producers cite grid instability and congestion at border crossings.8Ask for road access, power arrangements and haul distance during due diligence; the desk requests them from the holder.

08

Lithium on the desk (3)

Teasers only: province level, figures as reported by the holder, prices discussed with the desk. Exact locations and documents follow an NDA.

GoldTantaliteOutright sale

Gold mine with milling plant, Murehwa — Mashonaland East (165 ha)

A 165 ha brownfield gold property near Murehwa with a milling plant on site, 434 m of trenching and 944 m of 2026 diamond drilling. Best reported intercept 4.0 m at 18.31 g/t Au.

Tier 0 · Unverified
Size
165 ha
Province
Mashonaland East
Stage
Brownfield

Development stage: Development

DR-07Updated 1 week ago
View asset
LithiumOutright sale

Lithium prospect, Chewore — Hurungwe (4,000 ha)

Undeveloped 4,000 ha lithium prospect in the Chewore area of Mashonaland West, with large pegmatite outcrops exposed at surface. Spodumene reported by the holder, not yet assayed.

Tier 0 · Unverified
Size
4,000 ha
Province
Mashonaland West
Stage
Greenfield

Development stage: Prospect

DR-01Updated 1 week ago
View asset
LithiumTantaliteMicaOutright sale

Lithium claim package, Insiza (349 ha, four blocks)

Four registered lithium blocks totalling 349 ha in Insiza, Matabeleland South, on the Shangani–Fort Rixon belt. Sold as one package.

Tier 2 · Desk verifiedRegistered
Grade
0.02–6.22 % Li₂O
Title type
Registered claim
Size
349 ha
Blocks
4 blocks
Province
Matabeleland South
Stage
Brownfield

Development stage: Development

MDR-LIT-S01Updated 3 months ago
View asset
Filter and sort in the marketplace

09

Sources and notes

  1. [1]USGS, Mineral Commodity Summaries 2026: Lithium, February 2026. pubs.usgs.gov
  2. [2]Mining Zimbabwe, Lithium overtakes PGMs in Zim as beneficiation drives MMCZ sales to US$4.74bn, 8 October 2026. miningzimbabwe.com
  3. [3]SMM, Zimbabwe's lithium product exports top US$2.159 billion in first three quarters of 2026, 12 October 2026. news.metal.com
  4. [4]Reuters (via Kitco), Zimbabwe's spodumene exports jump 27% despite weak lithium prices, 14 November 2025. kitco.com
  5. [5]Al Jazeera, Zimbabwe imposes ban on exports of all raw minerals and lithium concentrate, 25 February 2026. aljazeera.com
  6. [6]Reuters (via Yahoo Finance), China's Huayou reports first lithium salt exports from Zimbabwe, 28 April 2026. finance.yahoo.com
  7. [7]Reuters (via TimesLIVE), Zimbabwe sets lithium export quotas to boost local processing, 8 April 2026. timeslive.co.za
  8. [8]SMM, Zimbabwe lithium producers commit $1.45B to local processing, seek export ban flexibility, 11 August 2026. news.metal.com
  9. [9]ChemNet, No extension! Zimbabwe confirms lithium concentrate export ban from January 2027, 10 October 2026. news.chemnet.com
  10. [10]SMM, Zimbabwe producers push for beneficiation deadline extension as November Livingstone meeting looms, 24 August 2026. news.metal.com
  11. [11]Tax Justice Network Africa, Keeping Africa's mineral wealth at home: are export bans the first step?, 31 March 2026. taxjusticeafrica.net
  12. [12]Hogan Lovells, Zimbabwe: a new focus for lithium mining, 5 April 2023. hlc.com
  13. [13]MMM Law Firm, An overview of mining law in Zimbabwe, 18 November 2024. mmmlawfirm.co.zw
  14. [14]US International Trade Administration, Zimbabwe Country Commercial Guide: Mining and Minerals, 26 March 2026. trade.gov
  15. [15]IPIS / ZELA, Chinese dominance in Zimbabwe's lithium mines: potential risks, vulnerabilities and opportunities, 20 September 2023. ipisresearch.be
  16. [16]The Anchor, Chinese company to control Bikita Minerals in US$180m transaction, 11 February 2022. theanchor.co.zw
  17. [17]Yicai Global, Chengxin Lithium plans to buy stake in mostly unexplored mining project, 4 November 2021. yicaiglobal.com
  18. [18]NS Energy, Arcadia open pit lithium project, undated. nsenergybusiness.com
  19. [19]Trading Economics, Lithium carbonate price, 3 November 2026. tradingeconomics.com
  20. [20]InfoLink, Spot prices, 28 October 2026. infolink-group.com
  21. [21]lithiumchart.com (citing Benchmark), Spodumene price, 2 September 2026. lithiumchart.com
  22. [22]InsiderZim, 5 lithium projects in Zimbabwe you need to know about, 28 December 2021. insiderzim.com

What we could not pin down

  • Export tax: the Finance Act and Reuters give 10%; some press reports say 16%. We use 10%.
  • Royalty: 7% is the producers' association figure; earlier reports said 5%. We have not seen the statutory instrument.
  • Spodumene prices differ widely by basis and date: CIF China US$1,350/t (28 Oct 2026) against Benchmark FOB Australia US$2,254/t (2 Sep 2026).
  • We could not confirm whether in-country sulphate plants will process third-party concentrate after January 2027.

Compiled by Munisa Resources from public sources, as dated above. Prices and rules change; check current figures before relying on them. Nothing here is investment, legal or tax advice, an offer of securities, or a statement of Mineral Resources or Reserves. See our terms of use. Munisa Resources · dealroom.munisaresources.com

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