Lithium mining stocks experienced a notable surge on April 2nd. By approximately 10:30 AM, Sichuan Energy Investment surged to a limit-up, with Tibet Urban Development, Jiangte Motor, Rongjie Shares, Jinyuan Co., and Shengxin Lithium Energy also posting gains. Sinomine Resource Group traded at 74.9 yuan per share, marking a slight intraday increase of 0.4%, which brought its total market capitalization to 53.9 billion yuan. This movement coincided with a rally in the lithium carbonate futures contract, which at one point rose over 2% before paring gains to around 1.5%, trading at 161,580 yuan per ton.
Market speculation indicated that Sinomine Resource Group had secured an export quota for lithium concentrate from Zimbabwe. In response to these rumors, the company stated on an interactive platform that it is closely monitoring relevant policies in Zimbabwe and maintaining regular communication with local authorities.
The situation originated from a significant policy shift by the Zimbabwean government. On February 25th, the Ministry of Mines announced an immediate and comprehensive suspension of exports for lithium raw ore and lithium concentrate, citing national interest. The ban included no transition period and applied even to goods already in transit, causing significant concern in global markets.
Zimbabwe's Minister of Mines, Polite Kambamura, stated in a declaration that the ministry would soon engage with industry participants to discuss the new policy requirements and future development directions. Minister Kambamura emphasized the government's commitment to ensuring transparency in the export of mineral resources, promoting local value-added processing of ores, and standardizing industry management and accountability mechanisms.
As the world's fourth-largest lithium producer, Zimbabwe exported 1.128 million tons of spodumene concentrate in 2025, securing the top position in Africa. According to data from the Lithium Branch of the China Nonferrous Metals Industry Association, Zimbabwe is China's second-largest supplier of lithium concentrate, accounting for approximately 14% to 18% of China's overseas lithium concentrate imports.
Public information shows that Sinomine Resource Group, established in 1999, owns the Bikita mine in Zimbabwe. Since its acquisition in 2022, the company has completed three resource expansions. The mine's retained lithium resource has increased from 29.414 million tons of ore to 113 million tons, with a lithium carbonate equivalent (LCE) of 2.8847 million tons. The company's 2 million tons per year spodumene construction project and the 2 million tons per year petalite renovation and expansion project achieved designed capacity and standards in 2023.
Data reveals that the Bikita mine in Zimbabwe produced 81,000 tons of spodumene concentrate in the third quarter of 2025. In the first three quarters of 2025, Sinomine Resource Group produced a total of 256,000 tons of spodumene concentrate.
Previously, a representative from Sinomine Resource Group commented, "All exports of lithium concentrate by Chinese companies in Zimbabwe have been halted, pending further detailed policy guidelines. Currently, there is minimal local deep processing of lithium by Chinese enterprises. The company is considering plans for related industrial chain extension."
Furthermore, according to Haizheng Futures, Sinomine Resource Group indicated that the export ban would have a limited impact on its Bikita lithium mine. It is reported that Sinomine holds a 100% stake in the Bikita lithium mine, possessing legal mining rights and a supporting processing plant that complies with Zimbabwe's export regulations. The company is also planning local deep-processing projects, aligning with the country's industrial policy direction.
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