Bravura Holdings Ltd., owned by African billionaire Benedict Peters, plans to commence production at its Zimbabwean lithium project early next year. The company is committed to launching the Kamativi lithium tailings project in 2025, despite the current low prices of lithium, according to Bravura’s group general manager, Gbenga Ojo, who made the statement on Tuesday.
Even though lithium is essential for energy transition, its prices have dropped by about 80% from their peak in 2022 due to oversupply. However, Ojo emphasized that the market conditions will not discourage Bravura’s plans. “We are very confident,” Ojo stated in Harare. “Even if it stays like this, we will continue with our project.”
Bravura is in the process of developing a plant to produce 30,000 tons of spodumene concentrate annually. This lithium-bearing mineral will be extracted by reprocessing waste material left behind by a tin mine that closed down three decades ago. The Zimbabwean government is a minority partner in the project, holding a 40% stake.
Ojo emphasized the significance of the project, stating, “The plant we are developing will reprocess old waste, turning it into valuable resources.” This initiative aligns with the global shift towards sustainable and resource-efficient mining practices.
The global lithium market has seen major ups and downs, but experts anticipate that the demand will stabilize. Bravura’s decision to proceed with its project in Zimbabwe demonstrates confidence in the long-term potential of lithium. The Kamativi project is anticipated to boost Zimbabwe’s economy and help the country achieve its goal of becoming a significant player in the global lithium market.
The partnership between Bravura and the Zimbabwean government is a strategic move to utilize local resources and expertise. This collaboration aims to ensure that the benefits of the project are shared with the local community and contribute to the country’s economic growth.
Benedict Peters, the visionary of this landmark project is better known for his ventures in the oil and gas sector through his company, Aiteo Group, which operates a significant oil block in Nigeria.
Bravura Holdings operates as a vertically integrated company, managing active mining projects across Africa. These projects include gold, copper, lithium, and steel assets in Ghana, the Democratic Republic of Congo, Zambia, Nigeria, Namibia, and South Africa.
Source: Mining.com
