NEW YORK - Mineral-rich countries in Africa, Latin America, and Southeast Asia are pushing to restrict the export of key raw minerals such as nickel, cobalt, and lithium, the Wall Street Journal reports.
The countries are demanding that miners build processing plants locally and looking to tighten control over foreign-operated mines.
With electric vehicles needing up to six times the mineral inputs of fossil fuel-powered cars, mineral demand for use in EVs and battery storage could grow 30 times by 2040, according to the International Energy Agency.
Zimbabwe’s decision to ban raw lithium exports and encourage local processing is helping Chinese and western companies gain a foothold in its mining industry — but is putting local players at a competitive disadvantage. Global players have rushed to close deals since the unexpected ban was announced in December.
As Africa’s largest lithium producer, Zimbabwe is keen to take advantage of a rapidly growing global demand for electric vehicle car batteries, which use lithium elements in their production. Analysts at Mckinsey have projected the entire lithium-ion battery chain, from mining through recycling, to grow by over 30% annually to top $400 billion in 2030.
The government wants to drive the country towards a $12 billion mining industry by the end of this year, up from about $5 billion grossed by mineral exports in 2021, with lithium mining alone expected to generate about $500 million.
