• Zimbabwe’s Mines ministry added that only companies holding valid mining titles from the government will be allowed to export minerals.
• Agents and third-party traders are not authorized to export minerals on behalf of mining title holders, it said.
• Zimbabwe’s export ban on lithium concentrates and ore comes as it looks to push mining companies to set up processing operations in the country.

Shares of Sigma Lithium Corp. (SGML), Lithium Americas Corp. (LAC), and Albemarle Corp. (ALB) soared in Wednesday’s pre-market trade after Zimbabwe suspended exports of lithium concentrates and raw minerals.

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Zimbabwean Mines Minister Polite Kambamura said that the export ban is effective immediately until further notice.

Following the announcement of the export ban, U.S. lithium stocks soared in Wednesday’s pre-market trade. Sigma Lithium shares were up 13%, Albemarle shares gained around 7%, while Lithium Americas shares were up around 5%.

Retail sentiment on Stocktwits around the three companies trended in the ‘bullish’ territory at the time of writing.

“The Ministry of Mines and Mining Development wishes to advise all stakeholders that Government has suspended export of all raw minerals and lithium concentrates with immediate effect until further notice. This suspension includes all minerals currently in transit,” the ministry said in a statement.

It added that only companies holding valid mining titles from the government will be allowed to export minerals. Agents and third-party traders are not authorised to export minerals on behalf of mining title holders, it said.

Why Did Zimbabwe Ban Exports Of Lithium Concentrates?

Zimbabwe’s export ban on lithium concentrates and ore comes as it looks to push mining companies to set up processing operations in the country.

According to a Bloomberg report citing official data, Zimbabwe has some of the largest lithium reserves in Africa.

According to data from the British Geological Survey (BGS), Zimbabwe’s lithium production between 2022 and 2024 stood at 22,000 tonnes, making it the fifth largest producer of lithium in the world. It has reserves of 480,000 tonnes, according to the BGS.

SGML stock is down 7% year-to-date, ALB stock is up 32%, while LAC stock has gained 14%.

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