The recent announcement of a US$500 million lithium refining facility in Ghana is the latest sign that moves by African nations to restrict the flow of unprocessed minerals from the continent may be bearing fruit.
CAA Mining's CEO expects the facility to open in 2026, according to Africa Mining Market with the establishment of the refinery linked to a license to explore for further lithium deposits. In July, Prospect Lithium Zimbabwe, a subsidiary of the Chinese mining company Zhejiang Huayou Cobalt, inaugurated a US$300 million lithium processing plant in Zimbabwe. The facility boasts the capacity to process 4.5 million metric tons of hard rock lithium into concentrate for export annually.
Despite being endowed with rich mineral resources, African countries have not experienced the anticipated economic transformation that those resources promise. “In other words, the finished product at the latest stage is sold at a price that is 25.86 times greater than the stage 1 refined copper. By focusing on refined copper exclusively, Zambia could potentially earn a staggering $524.35 billion USD,” the researchers outlined in the review report, published in the Journal of Natural and Applied Sciences.
Australian mining behemoth BHP, in collaboration with US-based Lifezone Metals, is on course to establish a nickel processing plant in Tanzania by 2026. Chris Showalter, CEO of Lifezone Metals overseeing on-ground operations at the Kabanga Nickel Project, revealed in an interview with the Wall Street Journal that the facility will supply battery-grade nickel to the global market, upon completion.
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