PLZ senior staff posing for photographs after announcing that Arcadia Mine had dispatched for export the first ever lithium salts to be produced in Zimbabwe and Africa as a whole. Source: PLZ

By Trymore Tagwirei

Chinese resources group Zhejiang Huayou Cobalt has assumed full control of Zimbabwe’s largest lithium operation after acquiring the remaining minority stake in Prospect Lithium Zimbabwe (PLZ), cementing its dominance over a strategic asset at a time government is pushing for increased local beneficiation.

According to its annual report for the year ended December 31, 2025, the company completed the buyout in a deal valued at approximately US$32.11 million.

The purchase price exceeded the book value by US$13.26 million, signaling a premium paid to consolidate ownership.

The transaction concludes a process that began in 2022 when Huayou acquired an 87% stake in the asset from Prospect Resources for US$378 million.

“During this period, the company acquired minority shareholder equity in its subsidiary Prospect Lithium, with the consideration paid exceeding the net asset share calculated based on the newly-held shareholding ratio, resulting in a corresponding decrease in capital reserve (share premium) by RMB90 471 880.90,” Huayou Cobalt said in a statement.

Since acquiring the asset, Huayou has invested heavily in expanding processing capacity at Arcadia, including a US$300 million concentrator and a US$400 million lithium sulphate plant expected to be commissioned this year.

On April 27, 2026, PLZ announced that Arcadia had dispatched the country’s first lithium sulphate for export.

“This is more than just a shipment; it is a testament to Zimbabwe’s innovation and Africa’s growing role in the global energy transition,” the company quoted its General Manager Henry Zhu.

Lithium sulphate is an intermediate product which can be refined into a battery-grade material such as lithium hydroxide or lithium carbonate used in battery manufacturing.