Bravura Holdings Ltd., owned by Nigerian tycoon Benedict Peters, will commence production at Zimbabwe’s Kamativi lithium tailings project in 2025. Gbenga Ojo, Bravura’s group general manager, confirmed the commitment on Tuesday and, given the weak price of lithium at the moment, the determination to press ahead hints at Bravura’s trust in the project. It also suggests the company is pursuing a long term strategy for the project and is willing to accept little to no profitability in the short term. Africa, particularly Zimbabwe, Namibia, Ghana, the Democratic Republic of Congo, and Mali, holds significant lithium reserves. However, the metal, which is essential for EV manufacturing and renewable energy storage, has seen prices crash 80% from their 2022 peak due to oversupply. Nevertheless, the continent’s abundant lithium reserves has led to a rise in the influx of investment by key players in the EV ecosystem.
SOURCE: BUSINESS INSIDER
