Chinese Mining Billionaire To Invest $300 Million In Zimbabwe Lithium ProjectShanghai-listed mining company Zhejiang Huayou Cobalt, controlled by billionaire Chen Xuehua, will invest
$300 million into its Arcadia lithium mine near Harare, Zimbabwe.
Prospect Lithium Zimbabwe, the holding company of the Arcadia project, will use the investment to
rapidly develop the lithium mine and construct a plant with a processing capacity of 4.5 million tonnes of ore and a production capacity of 400,00 tonnes of lithium concentrate per year.
During the construction period, Prospect Lithium Zimbabwe will employ 600 local workers, which will be increased to
900 people once production begins. The Arcadia project is slated for commencing delivery of its first batch of production next year.
Chinese miners have recently been targeting Zimbabwe’s lithium mines, which hold a great deal of promise given that
most of the lithium reserves in the country are still unexplored.
