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Chinese Firms To Invest US$2.8 Billion In Lithium And Energy In Zimbabwe

1 year agoFri, 03 Nov 2023 08:28:05 GMT
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Chinese Firms To Invest US$2.8 Billion In Lithium And Energy In Zimbabwe

Chinese companies were awarded licenses in the third quarter that could lead to US$2.79 billion of investment in Zimbabwe, reported China Economic Review citing a Bloomberg report.

The bigger chunk of the investment is in the mining and energy sectors as the southern African country pushes to develop some of Africa’s biggest lithium deposits and to end power cuts.

The planned investment is a tenfold increase on the US$271 million pledged in the same period last year.

According to a report by the Zimbabwe Development Agency, the state-owned unit responsible for securing investment, released on Wednesday, Chinese applications “were the most by number and investment value with mining being their most preferred sector followed by the manufacturing sector.

China accounted for more than two-thirds of the 180 applications.

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Chinese companies have been buying lithium mines, which supply a key component for the batteries used in electric vehicles.

According to ZimLive, Chinese firms, including Zhejiang Huayou Cobalt (603799.SS), Sinomine Resource Group (002738.SZ), Chengxin Lithium Group (002240.SZ), Yahua Group (002497.SZ) and Canmax Technologies (300390.SZ).

Chinese firm Sinohydro Corporation undertook the expansion of Hwange Thermal Power Station’s units 7 and 8  which added two generators with a combined capacity of 600 megawatts.

More: Pindula News

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31 Comments

correct headline · 1 year ago
the factual heading should read,"Chinese firms to steal 5.6 billion worth of lithium in Zimbabwe"....then the article should talk about how they will destroy & polute the environment, how they will mistreat the workers & indigenous peoples while enjoying immunity from arrests...
Anonymous · 1 year ago
The Chinese don't invest - they just steal.
doomed · 1 year ago
"Chinese companies have been buying lithium mines,.." what the ****?? Mugabe was always against this
****hole · 1 year ago
corruption corruption chete chete ,as the people we should unite
Bvepfepfe · 1 year ago
🤣🤣🤣🤣🤣👏👏👏👏👏 Amanaka dai Chamisa akapinda panyanga ma Chinese ayichema nekuti madhiri ese aya yaivharwa. China is benefitting here the most coz mari yese iyoyo they will get back futi since they own restaurants and they sell to us their products futi.
Big Dhara Munhu Mukuru · 1 year ago
🤣🤣🤣 @Bvumbu apa wazotaura sense mashura chaiwo. Lobengula was a better ruler that Zanu yese combined. China has been doing the same thing to many African countries, coz vakaona kuti many African politicians all they want is money they don't have a vision for the nation's they rigged elections in. ED has no future plans for Zim he knows he is old. Ingori pure Evil yega yega. I hope Africa won't be directly colonised by China in the future coz vakawandisa vanhu vaye and their army is massive. Tinogona kuuitirwa scramble for Africa ne China and Russia vabatana hahah. By that time America inenge yaputitswa ne China coz China used their ballons 🎈🎈🎈🎈🎈 and collected alot of information haha
CHAWABVUNZA · 1 year ago
Thomas "Mukanya" Mapfumo sang saying, "Nothing is for nothing".What Thomas meant was that noone will give someone a thing where he expects nothing at all. ZANU PF Government must deal with the Chinese with inquisitive minds. One our neighbors "lost an airport" to the Chinese. The Chinese look small physically, but they have big minds. This is my story and I am sticking to it. [ THE BUSH LAWYER4CCC ].
Big Dhara Munhu Mukuru · 1 year ago
@Chawabvunza ndizvo zvinorwadza vanhu kuona nyika ichiitwa kugovewa kuma China so.
Anonymous · 1 year ago
Working round the clock on corruption
Bvu Bvu Bvumbururu yeNdege · 1 year ago
✈✈🍌🍌 Maaaaaaaaiweeeeeee nhai Maiiiiiiihweeeeee kaniiiiiii zvanguuuuuu, nyika ye Zimbabwe yato colonized. Lobengula ayitove nani. #RESPECT!!!
doug · 1 year ago
Why are we selling such important national assets to foreigners? Is it not a threat to the sovereignty? With the world having become a global village, there is nothing that a foreigner can do that a local person or group of local people cannot do. We should stop looking down at ourselves and let those of us who can go ahead and develop the country. If it is money we think we do not have to exploit the mines and other resources, we need to change our mindset and realise that the money is there in those minerals and resources we are selling to foreigners who are all over the world working for the development and uplifting of their mother countries. We have heard the Americans proudly say "America for Americans", we should also be able to proudly say "Zimbabwe for Zimbabweans!". Exploiting our own minerals by our own people will unite us further. Unity resulting from making the people make their own money will be a stronger bond among the citizens which will make many forget about politics. With citizens empowered and making their own money, poverty can be eradicated and the country only have those who choose to be poor. We have the minerals and natural resources sufficient for all living in our country not to go to bed hungry for all their lives, and to have three or more proper meals per day without feeling any financial challenge.
. · 1 year ago
mining is a capital intensive venture, without capital and resources chava chikorokoza
Commander · 1 year ago
Useless it doesn't benefit the majority of Zimbabweans
Si · 1 year ago
Unit 7 and 8 not working. 2 weeks no zesa
Pete · 1 year ago
Unit. 7 and 8 not working .....load shedding 2 weeks now ... no schedule from Zesa ? So more billions ?????
fugu pfeee · 1 year ago
Lithium our source of party funds. Gore riya taidya yemaDiamond ikozvino tave muLithium. Ungatidini. We fought for this country and died for it. Muchadya mutuvi isu tichidya ruomba. Suffer continue...... We the selfish, heartless and diabolic ruling party
ED Shweeee · 1 year ago
We died for this kandri
jue Saidi · 1 year ago
àaah apana zvikutaurwa apa.chingovapai nyika yese.
HiLLBiLLES VOLKSWAGEN · 1 year ago
Chinese people are not good investors ndatopedza nemi
Joe · 1 year ago
True, they give you $1 and take $10 from you. We are so rich in minerals yet we are so poor. Our leaders have failed us.
HiLLBiLLES VOLKSWAGEN · 1 year ago
Mthuli Ncube must go we need new brain new blood apo pafinance ministry
Anonymous · 1 year ago
Agreed in full, they invest for the benefit of a few, and certainly not the country!
mafirakureva · 1 year ago
we should manufacture the batteries here in Zim we need the jobs
HiLLBiLLES VOLKSWAGEN · 1 year ago
Batai Farai Muguwu mubatsirike
Investors · 1 year ago
All investors come to masvingo don't invest in Byo Kuna Tshabangu
muchaneta · 1 year ago
toraimari United

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