Chinese-backed investments drive expansion despite weak global prices
Zimbabwe’s lithium sector delivered 2.4 million tons of concentrate in 2024, more than tripling the previous year’s output of 745,455 tons. Authorities project 3.26 million tons in 2025, driven by the launch of new mines and strong investment from Chinese companies.
Sandawana follows this trend. Kuvimba has partnered with two Chinese firms for the project, which is expected to cost $270 million. Barnard did not name the partners in the latest announcement, but previously mentioned Zhejiang Huayou Cobalt and Tsingshan Holding Group as collaborators in a 2024 interview with Bloomberg.
This wave of new lithium projects comes amid rising global demand for the metal, which is essential for energy transition technologies. The International Energy Agency estimates that around 55 new lithium mines will be needed by 2035 to meet demand.
Zimbabwe could play a role in closing that supply gap, provided new projects stay on track and output remains strong. For Sandawana, securing funding is the next key step. Kuvimba is continuing talks with its Chinese partners to finalize financing.
Despite a prolonged slump in global lithium prices, down about 80% since 2023 due to oversupply, Barnard remains confident that prices will recover by the time Sandawana begins operations.
