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Zimbabwe looks to supply 10% of global lithium demand in 4 years

Zimbabwe has the potential to supply 20% of the global demand for lithium and is aiming to supply 10% of the world's lithium in four years, Reuters reported Feb. 28, citing Mines Minister Winston Chitando.

"We believe we have the potential to actually account for 20 percent of global demand when all known lithium resources are being exploited," Chitando said during a mining investment conference in the country's capital.

During the same conference, Zimbabwean Vice President Constantino Chiwenga said the government will impose a 15% penalty tax starting Jan. 1, 2019, on exports of platinum producers that are not building refining facilities in the country. This tax has been raised since 2013 but was delayed several times to give miners time to comply and build the required facility.

According to Chiwenga, the penalty tax would eventually fall to 5%, but no timeline for the decrease was given. Companies could also qualify for lower taxes depending on the volume of product they refine locally.

Platinum producers in the country include Impala Platinum Holdings Ltd.'s Zimplats Holdings Ltd. unit and Anglo American Platinum Ltd.