Is the U.S. falling behind China in Africa’s lithium industry?
Publishing timestamp: 2023-03-09 09:23:06
Summary
The demand for lithium is increasing due to its use in electric vehicle batteries, and Zimbabwe is one of several African countries with significant lithium reserves. However, concerns have been raised about the impact of mining on local communities, and the dominance of Chinese companies in the industry. Zimbabwe recently passed a law banning the export of raw lithium, but exempted companies that are developing mines or processing plants in the country, including Chinese firms that have invested millions of dollars in lithium projects. The article also discusses the growing influence of China in Africa and the challenges facing the US in trying to compete.
Sentiment: MIXED
Tickers: 1258-HK, UNDEFINED, ZE738-CN, 3799-SZ,
Keywords: zhejiang huayou cobalt co ltd, china, metal mining, china nonferrous mining corp ltd, video first, technology, politics, chengxin lithium group co ltd, business news, zimbabwe, mining,
Source: https://www.cnbc.com/2023/03/09/is-the-us-falling-behind-china-in-africas-lithium-industry-.html