China’s biggest cobalt refiner will complete development on a lithium plant in Zimbabwe by the end of this year, The South China Morning Post reported.
Zhejiang Huayou Cobalt is investing $300 million in the new plant, which is aimed at bolstering China’s battery materials supply for the electric vehicle (EV) market. The first batch of lithium will be delivered early next year, it added. Demand for lithium has soared in recent years and is expected to expand significantly as the shift from traditional combustion engine cars to EVs gains greater momentum.
Read the full report: The South China Morning Post.