Business / Economy
Chitando praises Lithium Sulphate Plant establishment, projects Zim's economic surge
2 hrs ago |
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Minister of Mines and Mining Development, Honourable Winston Chitando, has praised the establishment of a lithium sulphate plant in Goromonzi District, describing it as a transformative investment for Zimbabwe's economy.
The plant, operated by Arcadia Technology Zimbabwe (ATZ), a subsidiary of Huayou Cobalt, is currently 75 percent complete and is expected to produce high-quality lithium sulphate for the global market.
Speaking during a media tour on Thursday, Chitando said the development aligns with Zimbabwe's goal of attaining upper-middle-income status by 2030 and marks a significant step in transitioning into the second phase of the National Development Strategy.
"When we talk about transitioning into the second phase of the national development strategy, what we witnessed today gives a clear testimony and high expectations that surely, an upper-middle-income economy is achievable by the year 2030. The lithium sulphate plant is a game-changer for our economy," Chitando said.
He highlighted the plant's role in stimulating local economic growth, creating employment, and enhancing value addition in the mining sector.
"The plant's construction has already created numerous employment opportunities for residents of Goromonzi District, boosting economic growth and development in this area. This investment aligns with the government's vision to increase local value addition in the mining sector and achieve an upper-middle-income economy by 2030," he said.
Chitando also commended the company's environmental stewardship, noting that the plant's operations prioritise sustainability and aim to minimise environmental degradation.
Yu Long, ESG Director for PLZ, reaffirmed the company's commitment to delivering value to stakeholders and supporting the local community.
Chitando further praised the ongoing road construction project in Goromonzi District, which has improved connectivity and facilitated the movement of goods and people. He said the improved infrastructure would attract more investors and accelerate development in the area.
The lithium sulphate plant is expected to have a lasting impact on Zimbabwe's economy by driving growth, improving living standards, and positioning the country as a key player in the global lithium supply chain.
The plant, operated by Arcadia Technology Zimbabwe (ATZ), a subsidiary of Huayou Cobalt, is currently 75 percent complete and is expected to produce high-quality lithium sulphate for the global market.
Speaking during a media tour on Thursday, Chitando said the development aligns with Zimbabwe's goal of attaining upper-middle-income status by 2030 and marks a significant step in transitioning into the second phase of the National Development Strategy.
"When we talk about transitioning into the second phase of the national development strategy, what we witnessed today gives a clear testimony and high expectations that surely, an upper-middle-income economy is achievable by the year 2030. The lithium sulphate plant is a game-changer for our economy," Chitando said.
He highlighted the plant's role in stimulating local economic growth, creating employment, and enhancing value addition in the mining sector.
"The plant's construction has already created numerous employment opportunities for residents of Goromonzi District, boosting economic growth and development in this area. This investment aligns with the government's vision to increase local value addition in the mining sector and achieve an upper-middle-income economy by 2030," he said.
Chitando also commended the company's environmental stewardship, noting that the plant's operations prioritise sustainability and aim to minimise environmental degradation.
Yu Long, ESG Director for PLZ, reaffirmed the company's commitment to delivering value to stakeholders and supporting the local community.
Chitando further praised the ongoing road construction project in Goromonzi District, which has improved connectivity and facilitated the movement of goods and people. He said the improved infrastructure would attract more investors and accelerate development in the area.
The lithium sulphate plant is expected to have a lasting impact on Zimbabwe's economy by driving growth, improving living standards, and positioning the country as a key player in the global lithium supply chain.
Source - Byo24News
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