Kia Hyundai Samsung to set up shop in Zim
• As Zim stands firm on no export of raw Lithium policy
Brian Rungano Temba
The Ambassador of Korea to Zimbabwe, His Excellency Jae Kyung Park, has paid a courtesy call on Vice President, General (Rtd) Dr Constantino Chiwenga at his Munhumutapa offices where they discussed Zimbabwe-Korea ties.
The visit comes at a time Korean giants Kia, Hyundai, and Samsung are looking into entering Zimbabwe, amid growing engagements in the lithium mining industry.
Hyundai Zimbabwe also posted an update of the Ambassador’s visit to their office, alluding to the same effect.
“A captivating and enjoyable engagement was organized to delve into discussions about the Hyundai brand in Zimbabwe.
The Embassy of the Republic of Korea’s support is deeply appreciated, and we embrace these interactions as valuable opportunities for fostering cultural exchange.
Engaging conversations during such occasions provide us with a visionary outlook that fuels our growth,” read their tweet.
According to the Global Soft Power Index 2023, South Korea is ranked number 9 on the top 10 countries with the most soft power, with their development in green energy technologies.
Zimbabwean Lithium reserves have been the biggest investor puller these past 5 years as the world is now moving towards more digital era and leaving the use of fossil fuels.
Hence forth the demand for Lithium for battery production has shot up.
Local miner and businessman Brian Muchemwa has expressed his delight in the standing opportunities for Zimbabweans in the wake of this global demand for Lithium.
“Zimbos are staking their claim in the Lithium industry. We won’t sit back and be spectators. I am happy to be part of the Zimbabwe Indigenous Lithium Miners & Processors Association. (ZILIMPA)
What a wonderful time to be alive! ” he wrote in a tweet.
The lithium subsector is expected to contribute in excess of US$500 million to the country’s mining economy by year end.
The Second Republic has ring-fenced gains from the lithium deposits for national benefit and employment creation by banning exporting of raw unprocessed lithium from Zimbabwe.
Following this policy, various lithium miming investors have commenced setting up lithium processing plants.
Among them is the US$40 million Lithium processing plant being constructed in Goromonzi, Mash East, by Shengxiang Investments (Pvt)Ltd Limited of China is now more than 80 percent complete.
Sandawana is planning to set up a processing plant next year, which can process over 4 million tones of lithium ore.
President Mnangagwa in August commissioned a Sabi Star Lithium Mine Processing Plant in Buhera District, Manicaland Province.
Mr Pei Zhenhua, a Chinese billionaire (net worth US$10.3 billion) who owns Zulu Lithium mine established a Lithium processing & battery manufacturing plant in Mutoko which began operating this month.
The London listed Premier African Minerals (Premier) finished building a pilot processing plant at its Zulu Lithium and Tantalum Project in Insiza in late March.
Other mining companies that have taken heed of the to the ban on the ban on unrefined lithium resources by government include Sinomine, Chengxin Lithium, and Zhejiang Huayou Cobalt.