Lithium
Sulphate plant shifts the premium onto pegmatite ground
Lithium earned US$746 million in the first half of 2026 — and US$73.2 million of it came from a product Zimbabwe did not make before April.
- Lithium exports, H1 2026
- US$746m
- Spodumene concentrate
- US$672.8m
- Lithium sulphate
- US$73.2msince April
- Share of MMCZ exports
- 26.6%spodumene
Lithium is now the second-biggest line in MMCZ exports after PGM matte. Concentrate exports are banned from 1 January 2027.
Lithium exports reached US$746 million in the first half of 2026, according to Minerals Marketing Corporation of Zimbabwe (MMCZ) figures: US$672.8 million in spodumene concentrate and US$73.2 million in lithium sulphate.1
- Spodumene concentrate
- Lithium sulphate
Source: MMCZ data via NewZimbabwe
Show the numbers
| Product | US$ m | Share |
|---|---|---|
| Spodumene concentrate | 672.8 | 90.2% |
| Lithium sulphate | 73.2 | 9.8% |
| Total | 746.0 | 100% |
Second only to PGM matte
Spodumene concentrate alone accounted for 26.6% of all minerals MMCZ marketed in the half, behind PGM matte at 33.9% and ahead of PGM concentrate at 13.7%. Together those three lines earned about three-quarters of MMCZ's US$2.53 billion.1 Reuters, using a different measure, puts half-year lithium export earnings 230% higher than a year earlier.2
Source: MMCZ data via NewZimbabwe, 21 Jul 2026
Show the numbers
| Product | Share | US$ m (approx.) |
|---|---|---|
| PGM matte | 33.9% | 859 |
| Spodumene concentrate | 26.6% | 673 |
| PGM concentrate | 13.7% | 348 |
| Lithium sulphate | 2.9% | 73 |
| All other minerals | 22.9% | 579 |
MMCZ markets every mineral except gold and silver. Its H1 2026 total was US$2.532bn.
Why the sulphate line matters more than its size
Zimbabwe's first lithium sulphate plant was commissioned in April 2026, and exports of lithium concentrate are banned from 1 January 2027.2 After that date, spodumene has to be processed in the country before it can leave. The 90% of lithium earnings that currently come from concentrate have to find a processing route before the end of this year.
That changes what pegmatite ground is worth. A deposit within trucking distance of a concentrator or sulphate plant has a buyer. An isolated occurrence of the same grade, far from any plant, has a geology report. Before the deadline a seller could price on Li₂O grade alone; after it, the first question is where the material will be processed.
More on valuing and checking lithium ground: lithium ground in Zimbabwe.
- Happened
- Deadline
- Today
Lithium earnings that still need a processing route
Source: Reuters via MINING.COM, 30 Jul 2026
Show the numbers
| When | What |
|---|---|
| Apr 2026 | First lithium sulphate plant commissioned |
| 1 Jan 2027 | Concentrate exports banned |