watch now
Why all eyes are on Zimbabwe's lithium industry
Zimbabwe is looking to play an important role in the mining of mineral resources for electric vehicle batteries, and the country is expected to become one of the world's largest exporters of lithium, a critical component in them. Mineral exports amount to 60% of total exports and are critical to Zimbabwe's economic growth. The mining sector also accounts for 11% of the African nation's gross domestic product and the government values the industry at $12 billion.
16:28
Thu, Mar 9 20237:59 AM EST
Zimbabwe has been mining lithium for 60 years and the government estimates that its Chinese-owned Bikita mine, which is located 300 km south of the capital Harare, has about 11 million metric tons of lithium resources.
In December, the country passed the Base Mineral Export Control Act, which banned the export of raw lithium. However, companies that are already developing mines or processing plants in Zimbabwe are exempt from this ban. This includes Chinese firms Zhejiang Huayou Cobalt, Sinomine Resource Group and Chengxin Lithium Group, which have invested $678 million into lithium projects in Zimbabwe.
CNBC explores Zimbabwe's mining sector to find out why China has a stronghold on the country and why it matters to the U.S.
