SU Holdings and Wellbiotech Jointly Promote High-Purity Lithium Ore Project in Zimbabwe
SU Holdings is securing future growth by entering the rare mineral market in Zimbabwe, the world's sixth-largest lithium producer.
On the 7th, SU Holdings announced that it has signed a joint agreement with Wellbiotech to jointly promote the import business of high-purity lithium ore (spodumene) from Zimbabwe.
As the global competition to secure rare minerals accelerates, SU Holdings plans to actively participate in building an African lithium supply chain based on this contract. They agreed to jointly conduct processing and sales of high-purity lithium ore imported from Zimbabwe with Wellbiotech.
Wellbiotech received the first export permit for lithium ore since the Zimbabwean government imposed an export ban in July. Following the pilot project of 2,000 tons, an additional order of 5,000 tons has been completed. The plan is to import up to 20,000 tons per month and 240,000 tons annually over the next year. The secured lithium ore is of the highest grade with Li2O (lithium oxide) purity exceeding 4%, and it is expected to have high demand from domestic and international companies.
The lithium ore business involving SU Holdings is a business model where lithium ore mined in Zimbabwe is processed into lithium carbonate or lithium hydroxide at a Chinese smelting plant and supplied domestically and internationally. Wellbiotech has already signed an ODM contract with Shandong Ruifu Lithium Industry Co., Ltd., a Chinese lithium smelting plant, for lithium ore processing, which is expected to accelerate the business.
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An SU Holdings official stated, “Wellbiotech has been actively conducting the lithium ore import business after a one-year preparation period, and with SU Holdings’ capabilities in sales, distribution networks, and financial strength added, synergy effects are expected. With the demand for secondary batteries increasing, there are forecasts that lithium supply shortages could occur as early as 2025, so we believe that the African lithium supply chain can contribute to stabilizing domestic supply.” He added, “Starting with a stable supply chain of high-purity lithium from Zimbabwe, we plan to expand the supply chain construction business for rare minerals such as nickel and cobalt.”
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