Home World News Emerging Markets Zimbabwe’s new energy growth is enhanced by Chinese investment

Zimbabwe’s new energy growth is enhanced by Chinese investment

China's central bank injected 55 billion yuan (US$8.3 billion) into the money market on Tuesday to ease a liquidity strain. [Photo/Xinhua]

China’s expertise in new energy technology and its companies’ investments in Zimbabwe are boosting Zimbabwe’s drive to be a major player in the global green shift, said a Zimbabwean minister.

Zimbabwe is taking advantage of China’s industrial manufacturing prowess to move towards the center stage of the global new energy transition, Christopher Mutsvangwa, Zimbabwean Minister of Veterans of the Liberation Struggle, told Xinhua in a recent interview, adding that Zimbabwe welcomes investments from China.

Thanks to major China-invested lithium processing projects, Zimbabwe is moving closer to playing a major role in the global lithium value chain, Mutsvangwa said.

Last December, the Zimbabwean government banned the export of raw lithium to encourage investment in local processing facilities. It also approved a lithium ore policy to consolidate the country’s beneficiation strategy.

Zimbabwe, which has Africa’s largest proven reserves of lithium, is seeking to ride on the global green transition rush to grow its mining sector.

Zimbabwe’s lithium exports have grown tremendously over the years, rising from 1.8 million U.S. dollars in 2018 to 70 million dollars in 2022, according to official statistics.

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