• Zimbabwe’s lithium export revenues fell 11% to $386.9 million between January and September 2025, despite a 27% rise in export volumes.

• Global lithium prices have dropped more than 80% between March 2023 and 2024 due to oversupply.

• Zimbabwe continues to attract new investments, including Kuvimba Mining’s plan to build a new mine at Sandawana by 2027.

Chinese-driven investments continue to boost Zimbabwe’s lithium sector. The acceleration, however, coincides with persistent low prices that pressure the country’s export revenues.

Lithium exports generated $386.9 million between January and late September, according to Reuters, which cited the Minerals Marketing Corporation of Zimbabwe (MMCZ) on November 14. The figure marks an 11% annual drop. MMCZ attributes the decline to prolonged price weakness, despite a 27% annual increase in export volumes over the same period.

“Despite the increase in tonnage, the value of exports decreased by 11%, from $432.4 million in 2024 to $386.9 million in 2025, mainly due to a fall in international spodumene prices,” MMCZ says.

Fastmarkets reports that lithium prices remain on a downward trend after dropping more than 80% between March 2023 and 2024. The oversupply continues to weigh on the revenues of producers worldwide. The trend strongly affects Zimbabwe, which stands as Africa’s leading lithium producer.

It remains unclear whether the current market conditions align with the government’s 2025 targets. In 2019, authorities projected $500 million in annual lithium revenue starting in 2023. Zimbabwe continues to attract new investments that could expand output regardless of price pressure.

Kuvimba Mining announced in July that it plans to begin building a new mine at Sandawana, targeting commissioning in 2027. The initiative comes as the International Energy Agency (IEA) says the world will need roughly 55 additional lithium mines by 2035 due to the metal’s critical role in the energy transition.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum