Albemarle (ALB) +5.9% in early trading Wednesday, leading lithium stocks higher after Zimbabwe suspended exports of lithium concentrates and raw minerals.
Also moving higher: Sigma Lithium (SGML) +22.4%, SQM (SQM) +4.9%, Lithium Argentina (LAR) +4.2%, Lithium Americas (LAC) +3.6%, Standard Lithium (SLI) +2.2%.
The export ban, which is intended to compel mining companies to refine minerals in the country, is effective immediately and will remain in place until further notice, Zimbabwe’s mining minister said.
Most of the country’s lithium concentrate is exported to China for further processing into battery-grade materials, but the government has been pressing mining firms to process more of the minerals in the country as it seeks greater benefits from the global shift to cleaner sources of energy.
Zimbabwe has some of the largest lithium reserves in Africa and is among the top global producers, with resources estimated at 126M tons, according to official data.
The country’s ban on lithium concentrates had been expected to come into effect in 2027 as part of a push for more local processing.