Zimbabwe suspended exports of all raw minerals from the country in a sudden move that could impact global supply chains that depend on its output of lithium to produce EV batteries. Harare said the step was in the “national interest” to promote local processing of minerals to add more value within the country.
Africa’s largest lithium producer — whose stores make up 4.4% of global reserves — is a major supplier to China, which leads the world in refining the battery metal. But like other African countries, Zimbabwe is increasingly keen to maximize the value of its minerals by processing them at home before exporting. Despite its mineral wealth — the country also has vast deposits of platinum, gold, and diamonds — Zimbabwe has failed to improve the lives of its citizens: The national poverty rate exceeds 60%, according to the World Bank.
DR Congo imposed a ban on cobalt exports last year but reviewed its position months later in favor of a quota system. About a third of the continent’s $29 trillion mineral wealth remains undeveloped, with energy availability a major bottleneck.
