(Source: "Beijing News" 2026-02-27)
On February 25, the Zimbabwean government announced that it would suspend the export of all raw ore and lithium concentrate.
Lithium is widely used in emerging industries such as electric vehicles and energy storage systems. As an important lithium resource country in the world, Zimbabwe's lithium resources have increased their status in Africa and the global supply chain.
This sudden supply-side disturbance was quickly transmitted to the financial market. For two consecutive days, in the A-share market, listed companies in the lithium industry have generally strengthened, with Tibet Mining, Tianqi Lithium, Rongjie, Ganfeng Lithium, Yongxing Materials, etc. performing well. On February 27, Yongxing Materials hit its daily limit, closing at 64.9 yuan.
Dong Xiucheng, Executive Dean of the China International Carbon Neutral Economic Research Institute, w88 casinotold the Beijing News Zero Carbon Research Institute that in the context of global energy transformation, lithium, as the core resource of power batteries, has seen a sharp rise in its strategic status. Resource countries hope to use policy means to transform resource advantages into economic advantages and maximize value. This is in line with the normal logic of the current international situation. "This thing itself is not surprising."
Dong Xiuchengstated that the purpose of this ban is to ban the export of raw ore and force companies to build local processing capacity and keep more industrial value within the country.
Short-term impact exists, but it is far from "serious"
According to the Shanghai Nonferrous Metals Network, Zimbabwe plans in principle to ban the export of concentrates in 2027; currently, companies with local lithium salt or lithium sulfate production capacity in Zimbabwe can still apply for a lithium concentrate export license, and lithium sulfate is currently allowed to be exported.
In view of the supply, demand and price issues that the market is most concerned about,Dong Xiuchengbelieves that the ban will definitely have an impact on the market in the short term. The most direct manifestation of this impact is its impact on lithium prices, which is deterministic. He also emphasized that this impact does not require excessive panic. "It had an impact, but it was nowhere near severe."
CITIC Securities research report pointed out that this policy aims to strengthen mineral supervision and promote the development of deep processing of mineral products. In 2025, 19% of China's imported lithium concentrate will come from Zimbabwe. It is expected that Zimbabwe's lithium resource production will account for 12% of the world's lithium resources in 2026. The country's lithium ore export ban will lead to an increasingly tight short-term supply of lithium carbonate in China, which is expected to promote a sharp increase in lithium prices. It is recommended to focus on targets that are not affected by export policies.
Dong XiuchengAdditional explanation for this is that although China imports a relatively high proportion of Zimbabwean lithium concentrate, because China occupies a leading position in the global new energy industry chain, this impact will be transmitted to the world through the industry chain. It is an all-round impact, not just for China.
Enterprises are in a differentiated situation, and extending the industrial chain is an inevitable choice
As an important source of raw materials for Chinese lithium salt processing companies, many A-share listed companies have mineral resources in Zimbabwe, including China National Mineral Resources, Huayou Cobalt, Yahua Group, etc.
Faced with sudden policy changes,Dong Xiuchengbelieves that the extent to which Chinese companies are affected by this incident depends on their local business model.
He believes that pure traders or mining companies will be hardest hit. If they are only engaged in the sale or mining of ore without processing capabilities, they will face a survival crisis once exports are blocked; however, companies with local processing capabilities in Zimbabwe will not be affected at all. If the ore can be refined locally into finished products, it can be sold locally or exported with special licenses.
For Chinese mining companies with heavy asset investment in Zimbabwe,Dong XiuchengIt is recommended to extend downstream, "in addition to mining, we must also engage in processing." He emphasized that this is an inevitable trend forced by the policies of resource countries. "If you don't lay out the industrial chain in advance and only engage in mining, your interests will be damaged. What companies can do is to do risk control before investing, be aware of the risks they may face, and plan their layout accordingly."
Currently, a large number of Chinese companies have extended their mineral product industry chain in Zimbabwe. Yahua Group responded on the interactive platform that the export ban on Zimbabwe’s lithium ore will not affect the company’s normal production and operations. First of all, according to the announcement and communication from the Ministry of Mines of Zimbabwe, this ban mainly cracks down on illegal exports in w88, and it is clear that only companies with mining rights and mineral processing plants are allowed to export. The Yahua Zimba project meets the above requirements. The export application has been resubmitted and will be approved to resume exports in 1-2 weeks at the earliest. Secondly, the Zimbabwean government hopes that Chinese companies will speed up the construction of lithium sulfate plants in Zimbabwe, and the Yahua Zimbabwe lithium sulfate project has started construction. Finally, all the lithium concentrates produced by Yahua Zimba in the early stage have been shipped back by sea, which will not affect the production of Zimba mines and can fully guarantee the production demand of domestic products.
Building a resilient supply system, diversified, localized and deeply bound
In recent years, resource countries of lithium, cobalt, nickel and tin and other metals have successively issued strong resource control policies, such as Myanmar issuing a ban on tin mines, Congo (DRC) issuing a cobalt export ban, Indonesia significantly reducing nickel ore production quotas, and Zimbabwe issuing a lithium ore export ban.
Looking forward to the global lithium market supply pattern in the next few years,Dong XiuchengWe believe that diversification of supply is the cornerstone of risk resistance. If we are overly dependent on a single country or region, once similar policy changes occur, the destructive power will be greater, and diversified import sources must be established.
The more fundamental confidence comes from domestic resource independence. “We must take the energy rice bowl into our own hands. ”Dong Xiuchengstated that the exploration and development of domestic lithium resources must be increased.
In terms of resource exploration of my country's lithium mines, the new round of strategic breakthroughs in prospecting has achieved fruitful results. Multiple large and super-large lithium mines have been discovered in the Qinghai-Tibet Plateau, Western Sichuan, South China and other places. China's lithium resource reserves have increased significantly, ranking second in the world. Especially in areas such as the Qaidam Basin in Qinghai and the Zabuye Salt Lake in Tibet, the new salt lake lithium resources have reached more than 14 million tons.
Dong Xiuchengsaid that joint ventures and cooperation with important local enterprises should be carried out as much as possible. This model transcends the traditional buyer-seller relationship and transforms Chinese enterprises from "outsiders" into "communities of interests." When local companies also become part of the industrial chain, policy adjustments are no longer simple "external restrictions", but need to weigh whether local interests are harmed.
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