Namibia is pressing ahead with plans to earn more from the metals and other resources it produces, despite a ban on lithium ore exports that could dampen foreign investor confidence, Mining.com reported, citing Bloomberg News.
Last week, the southern African nation banned exports of lithium and other key minerals needed for clean energy technology. The country's energy and Mines minister Tom Alweendo said African countries should take the initiative in maximizing their economic potential and that other countries were already getting more from the resources. While the focus is on domestic ore processing, Alwendo said Namibia could be flexible in allowing small quantities of key minerals to be exported.
Namibia has many lithium deposits. Namibia's Simonis Storm Securities estimates that the country's lithium output will reach $1 billion a year. After 2025, Namibia's lithium production will grow rapidly. The move follows in the footsteps of neighbouring Zimbabwe. In December last year, Zimbabwe announced a ban on lithium ore exports, allowing only lithium concentrate exports. Zimbabwe wants to process battery-grade lithium products domestically and is considering taxing concentrate exports.
