Zimbabwe is set to introduce incentives aimed at encouraging mining companies to process their outputs locally, according to President Emmerson Mnangagwa. Speaking at a mining conference in Bulawayo, the country’s second-largest city, he emphasized the need for “bold decisions” to accelerate mineral beneficiation and value addition, though he did not provide specific details.
This initiative aligns with a broader movement across Africa to enhance the value of natural resources before exporting them, thereby maximizing economic benefits. For example, Ghana, the continent’s largest gold producer, inaugurated a new refinery in August, while Nigeria’s billionaire Aliko Dangote launched a major oil refinery earlier this year.
Zimbabwe boasts the world’s third-largest known platinum reserves, following Russia and South Africa, with key producers such as Zimplats Holdings Ltd. and Anglo American Platinum Ltd. operating in the country. Additionally, Zimbabwe is the largest producer of lithium in Africa, a vital material for electric vehicle batteries, attracting substantial investment from Chinese firms like Chengxin Lithium Group Co. Ltd., Sinomine Resource Group Co. Ltd., and Zhejiang Huayou Cobalt Co. Ltd.
In the past two years, Zimbabwe has implemented a ban on exporting unprocessed raw lithium and “base minerals” to promote domestic processing and value addition.
