Lithium Prices Surge as Zimbabwe Bans Concentrate Exports

Global lithium markets were sent into a tailspin this week as Zimbabwe, Africa’s largest producer of the critical battery metal, announced an immediate and indefinite ban on the export of lithium concentrates. The move, intended to force a rapid shift toward domestic refining, has sparked fears of a structural supply deficit in the electric vehicle (EV) and energy storage sectors.

The impact on commodity exchanges was instantaneous. On the Guangzhou Futures Exchange, the most active lithium carbonate contract rallied 5.4% to 177,000 yuan ($25,856) a ton during morning trading on Thursday, with some intraday spikes reaching as high as 9%. 

The ripple effects extended to equity markets across three continents. In Hong Kong, shares of Tianqi Lithium Corp. climbed 7.3%, while Ganfeng Lithium Group Co. advanced 5.6%. In Sydney, Australian miners such as Mineral Resources Ltd. saw gains of 6%, as investors bet on a tightening global market.

The directive, announced by Mines Minister Polite Kambamura, represents a dramatic acceleration of Zimbabwe’s beneficiation strategy. While the government had previously signaled a 2027 deadline for ending concentrate exports, the new ban took effect this Wednesday with no grace period applying even to shipments already in transit.

“The ban is in effect until further notice,” Minister Kambamura said in a statement.

“Export authorizations will only be forthcoming to companies holding valid mining licenses and approved processing capacity.”

According to the Ministry of Mines, the suspension is a national interest measure designed to eliminate illegal mineral leakages and ensure the country captures a greater share of the value chain.

By halting the export of raw concentrates, Harare is pressuring international mining giants largely from China to build multi-million dollar refineries on Zimbabwean soil.

Zimbabwe’s role in the global lithium ecosystem has grown exponentially. In 2025, the country exported 1.128 million metric tons of spodumene concentrate, accounting for roughly 10% of the world’s mined lithium. Nearly 20% of China’s imported concentrate currently originates from Zimbabwe.