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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":558,"relatedVideos":559},146686123541891,"cfa919b1-385d-4ec5-a840-f35181c63add","Luc Braun","luc-braun","authors/luc-braun",{"x":547,"bio":548,"_uid":549,"email":547,"image":550,"linkedin":555,"component":556,"job_title":557,"markets_covered":8,"certification_name":547,"certification_recoginition":547,"certification_recoginition_url":547,"formattedDate":547,"formattedArticleDate":547},"","Luc is an analyst at Benchmark Mineral Intelligence focused on lithium supply, costs, and supply chains. Luc has a background in market analysis and research from previous roles where he covered nickel, deep seabed mining, and telecommunications. Luc holds an MPhys in Theoretical Physics from the University of Leeds.","2e61decf-65d7-4b71-8dff-f03a9dd75d9a",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},148108889102189,"https://a.storyblok.com/f/287943243085208/512x512/6f1a6949aa/luc-braun.jpeg","asset",{},"https://www.linkedin.com/in/lucbraun/","author","Analyst - Lithium",[],[],[561,897,1095,1316,1585],{"id":562,"uuid":563,"name":564,"slug":565,"full_slug":566,"content":567},176045228636176,"80c1a819-5c60-4407-ba5d-e6a023df02b5","Why are lithium prices surging in China again?","why-are-lithium-prices-surging-in-china-again-","article/why-are-lithium-prices-surging-in-china-again-",{"_uid":568,"date":569,"tags":570,"editor":589,"content":599,"excerpt":866,"featured":51,"reporter":867,"component":881,"seo_title":564,"categories":882,"visibility":888,"data_vis_image":889,"featured_image":891,"seo_description":895,"formattedDate":896},"7968222c-9631-452c-919e-7a81d082de60","2026-05-13 00:00",[571,574,577,580,583,586],{"slug":572,"name":573},"lithium-prices","Lithium prices",{"slug":575,"name":576},"china","China",{"slug":578,"name":579},"mali","Mali",{"slug":581,"name":582},"africa","Africa",{"slug":584,"name":585},"zimbabwe","Zimbabwe",{"slug":587,"name":588},"catl","CATL",[590],{"slug":591,"name":592,"content":593},"benjamin-roche","Benjamin Roche",{"job_title":594,"image":595,"bio":597,"linkedin":598},"Editor – Energy Transition Supply Chains",{"filename":596},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":600,"content":601},"doc",[602,631,639,651,671,679,689,698,721,729,737,746,769,778,786,795,803,822,831,849,858],{"type":603,"attrs":604,"content":605},"paragraph",{"textAlign":49},[606,614,626],{"text":607,"type":608,"marks":609},"Lithium prices are rising significantly in China due to ","text",[610],{"type":611,"attrs":612},"textStyle",{"color":613},"#000000",{"text":615,"type":608,"marks":616},"feedstock constraints",[617,624],{"type":618,"attrs":619},"link",{"href":620,"uuid":621,"anchor":49,"target":622,"linktype":623},"/article/lithium-feedstock-concerns-over-nigeria-port-security-challenges","ac84d8a2-c5ff-4605-b178-01e220567c7e","_blank","story",{"type":611,"attrs":625},{"color":613},{"text":627,"type":608,"marks":628}," and increased input costs, against a backdrop of robust demand.",[629],{"type":611,"attrs":630},{"color":613},{"type":603,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":608,"marks":636},"According to Benchmark’s 13 May price assessment, battery grade lithium carbonate in China rose 23.3% month-on-month, while spodumene concentrate prices are up 29.9% over the same period.",[637],{"type":611,"attrs":638},{"color":613},{"type":640,"attrs":641,"content":643},"heading",{"level":642,"textAlign":49},2,[644],{"text":645,"type":608,"marks":646},"Lithium chemical inventories are still depleted",[647,649],{"type":611,"attrs":648},{"color":613},{"type":650},"bold",{"type":603,"attrs":652,"content":653},{"textAlign":49},[654,666],{"text":655,"type":608,"marks":656},"Inventory levels in China briefly built during April 2026",[657,661,664],{"type":618,"attrs":658},{"href":659,"uuid":660,"anchor":49,"target":622,"linktype":623},"/publications/analysis/monthly-lithium-inventory-china-april-2026","c160d123-802d-40c9-953d-aa269a9f5fff",{"type":611,"attrs":662},{"color":663},"#1155CC",{"type":665},"underline",{"text":667,"type":608,"marks":668},", after an eight-month period of destocking. However, early indications collected by Benchmark in May point to inventories returning to a drawdown position in China.",[669],{"type":611,"attrs":670},{"color":613},{"type":603,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":608,"marks":676},"Adam Megginson, lithium price analyst at Benchmark, said that “there remains a two-month gap before additional supply from PLS’s restarted Ngungaju operation combines with additional volume reaching the spot market from Zimbabwe to ease the supply situation. During this period, prices are likely to remain bullish and volatile, as the only factor rebalancing supply and demand.”",[677],{"type":611,"attrs":678},{"color":613},{"type":680,"attrs":681},"blok",{"id":682,"body":683},"fcecc2fd-714b-4c37-a9b5-f4f910f89819",[684],{"id":685,"_uid":686,"type":687,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28941403","i-2873ee32-44fb-48e7-862e-a131e41ac113","visualisation","ContentFlourish",{"type":640,"attrs":690,"content":691},{"level":642,"textAlign":49},[692],{"text":693,"type":608,"marks":694},"Supply-side constraints in Africa",[695,697],{"type":611,"attrs":696},{"color":613},{"type":650},{"type":603,"attrs":699,"content":700},{"textAlign":49},[701,706,716],{"text":702,"type":608,"marks":703},"On the supply side, an export suspension in ",[704],{"type":611,"attrs":705},{"color":613},{"text":707,"type":608,"marks":708},"Zimbabwe has become a quota regime",[709,713,715],{"type":618,"attrs":710},{"href":711,"uuid":712,"anchor":49,"target":622,"linktype":623},"/article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","3a50839c-53d8-42db-ba04-0293c9018f48",{"type":611,"attrs":714},{"color":663},{"type":665},{"text":717,"type":608,"marks":718},". The Zimbabwean government is also stepping up its efforts to assay material to more accurately determine grade and by-product contents and maximise export levies. Practical implementation issues are expected to slow exports over the short term. There thus remains a notable wait before these volumes ease current spodumene supply tightness.",[719],{"type":611,"attrs":720},{"color":613},{"type":603,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":608,"marks":726},"With export quotas granted on a biannual basis, the possibility of renewed suspensions near the end of the year, when sulphate capacity pledges will meet the reality of project development timelines, offers further price support.",[727],{"type":611,"attrs":728},{"color":613},{"type":603,"attrs":730,"content":731},{"textAlign":49},[732],{"text":733,"type":608,"marks":734},"In Mali, renewed insurgent attacks raises the risk of supply disruption. While recent logistics attacks have not so far disrupted spodumene production or shipments out of Bougouni and Goulamina, the risk of curtailment remains. ",[735],{"type":611,"attrs":736},{"color":613},{"type":640,"attrs":738,"content":739},{"level":642,"textAlign":49},[740],{"text":741,"type":608,"marks":742},"Greenbushes production misses the mark ",[743,745],{"type":611,"attrs":744},{"color":613},{"type":650},{"type":603,"attrs":747,"content":748},{"textAlign":49},[749,754,764],{"text":750,"type":608,"marks":751},"In Australia, output at the world’s largest hard-rock mine, Greenbushes, was poor through Q1 2026. ",[752],{"type":611,"attrs":753},{"color":613},{"text":755,"type":608,"marks":756},"Low-quality ore,",[757,761,763],{"type":618,"attrs":758},{"href":759,"uuid":760,"anchor":49,"target":622,"linktype":623},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":611,"attrs":762},{"color":663},{"type":665},{"text":765,"type":608,"marks":766}," targeted as a result of mining operations failures and poor resource reconciliation, negatively affected recoveries while the ramp-up of its newest plant, CGP3, was briefly delayed. While company commentary expressed confidence in CGP3’s performance moving forward, ore quality and plant performance could hamper the operation for the remainder of 2026. ",[767],{"type":611,"attrs":768},{"color":613},{"type":640,"attrs":770,"content":771},{"level":642,"textAlign":49},[772],{"text":773,"type":608,"marks":774},"Hard rock supply faces explosives hurdle in China",[775,777],{"type":611,"attrs":776},{"color":613},{"type":650},{"type":603,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":608,"marks":783},"Chinese supply may also face headwind from explosives availability – the government announced temporary control on purchasing and auditing of buyers following a fatal incident at a fireworks factory in Hunan province which killed 37 and injured dozens. Benchmark expects the control to last between one and two weeks. ",[784],{"type":611,"attrs":785},{"color":613},{"type":640,"attrs":787,"content":788},{"level":642,"textAlign":49},[789],{"text":790,"type":608,"marks":791},"Jianxiawo rumours continue to swirl",[792,794],{"type":611,"attrs":793},{"color":613},{"type":650},{"type":603,"attrs":796,"content":797},{"textAlign":49},[798],{"text":799,"type":608,"marks":800},"Rumours have continued to circulate regarding the restart of CATL's large Jianxiawo mine in Jiangxi Province. While the April appointment of Zijin founder Chen Jinghe to CATL’s newly founded mining arm raised restart hopes, sentiment among some market participants deteriorated since then. ",[801],{"type":611,"attrs":802},{"color":613},{"type":603,"attrs":804,"content":805},{"textAlign":49},[806,811,817],{"text":807,"type":608,"marks":808},"Citing a 10-month-old regulation restricting the mining of ores with grades below 0.4%, some circles have even floated the possibility of permanent closure.",[809],{"type":611,"attrs":810},{"color":613},{"text":812,"type":608,"marks":813}," ",[814,816],{"type":611,"attrs":815},{"color":613},{"type":650},{"text":818,"type":608,"marks":819},"Given several licence awards to operations targeting sub-0.4% ore since then, Jianxiawo among them, this would be a spurious basis for further delay. Benchmark’s bearish Jiangxi outlook remains tied to the politically sensitive nature of the operation’s tailings management. ",[820],{"type":611,"attrs":821},{"color":613},{"type":640,"attrs":823,"content":824},{"level":642,"textAlign":49},[825],{"text":826,"type":608,"marks":827},"Input costs pile additional pressure on converters",[828,830],{"type":611,"attrs":829},{"color":613},{"type":650},{"type":603,"attrs":832,"content":833},{"textAlign":49},[834,844],{"text":835,"type":608,"marks":836},"Prices for sulphuric acid",[837,841,843],{"type":618,"attrs":838},{"href":839,"uuid":49,"anchor":49,"target":49,"linktype":840},"https://intelligence.benchmarkminerals.com/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","url",{"type":611,"attrs":842},{"color":663},{"type":665},{"text":845,"type":608,"marks":846}," – a key reagent in conversion flowsheets – continue to rally amid constrained supply out of the Strait of Hormuz. This is causing reduced utilisation rates at Chinese converters as supply scarcity squeezes converter margins.",[847],{"type":611,"attrs":848},{"color":613},{"type":640,"attrs":850,"content":851},{"level":642,"textAlign":49},[852],{"text":853,"type":608,"marks":854},"Demand from cathode producers remains robust",[855,857],{"type":611,"attrs":856},{"color":613},{"type":650},{"type":603,"attrs":859,"content":860},{"textAlign":49},[861],{"text":862,"type":608,"marks":863},"Downstream demand expectations of cell production have remained robust. Although unit vehicle sales in China are growing at a slower rate than earlier in the year, increasing vehicle pack sizes and robust commercial vehicle and truck electrified sales are making up the shortfall. This is in addition to a robust energy storage outlook.",[864],{"type":611,"attrs":865},{"color":613},"Lithium prices are rising significantly in China due to feedstock constraints and increased input costs, against a backdrop of robust demand.\n\nAccording to Benchmark’s 13 May price assessment, battery grade lithium carbonate in China rose 23.3% month-on-month, while spodumene concentrate prices are up 29.9% over the same period.",[868,878],{"slug":869,"name":870,"content":871},"adam-megginson","Adam Megginson",{"job_title":872,"image":873,"bio":875,"linkedin":876,"markets_covered":877},"Principal Analyst",{"filename":874},"https://a.storyblok.com/f/287943243085208/512x512/f25205e28d/adam-megginson.jpeg","Adam is a Principal Analyst at Benchmark Mineral Intelligence and is responsible for the lithium, graphite, synthetic graphite and anode price assessments. Adam is in constant communication with buyers, sellers, traders and distributors to collect first-hand price data and insights which are published in Benchmark's price assessments. He has presented battery supply chain analysis to executives and senators in the UK, US, France, Morocco, Germany and Japan. Before joining Benchmark, Adam worked at an energy transition impact investment company. There he focussed on distributing LPG smartmeters for cooking in Kenya and Tanzania. Adam graduated with a First Class Honours BSc in International Management from Warwick Business School..","https://www.linkedin.com/in/adam-megginson/","Lithium,natural graphite, synthetic graphite, anode",{"slug":544,"name":543,"content":879},{"job_title":557,"image":880,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"article",[883,885],{"slug":884,"name":8},"lithium",{"slug":886,"name":887},"critical-minerals","Critical Minerals","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":890},{},{"id":892,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":893,"copyright":547,"fieldtype":553,"meta_data":894,"is_external_url":50},129069437345516,"https://a.storyblok.com/f/287943243085208/d0a32e42e2/bm-lithium-mine.jpg",{},"Lithium prices are rising significantly in China due to feedstock constraints and increased input costs, against a backdrop of robust demand.","May 13, 2026",{"id":898,"uuid":899,"name":900,"slug":901,"full_slug":902,"content":903},170755002256597,"6a29bd6b-372b-4526-b3e8-76f102522617","Northern Russian lithium mine set for first production later this year","northern-russian-lithium-mine-set-for-first-production-later-this-year","article/northern-russian-lithium-mine-set-for-first-production-later-this-year",{"_uid":904,"date":905,"tags":906,"editor":910,"content":914,"excerpt":1078,"featured":51,"reporter":1079,"component":881,"seo_title":1083,"categories":1084,"visibility":888,"data_vis_image":1087,"featured_image":1089,"seo_description":1093,"formattedDate":1094},"a77550aa-315d-43f8-8ef8-4de2b5626e8b","2026-04-29 00:00",[907],{"slug":908,"name":909},"russia","Russia",[911],{"slug":591,"name":592,"content":912},{"job_title":594,"image":913,"bio":597,"linkedin":598},{"filename":596},{"type":600,"content":915},[916,921,926,933,943,972,1008,1016,1022,1030,1039,1047,1055,1063,1068,1073],{"type":603,"attrs":917,"content":918},{"textAlign":49},[919],{"text":920,"type":608},"CMP and Halmek's Arctic Lithium joint venture has accelerated the development of the Polmostundrovskoye deposit in Murmansk Oblast, Northern Russia over recent months. Exploration and on-site activities began through the 2024 season and continued late into 2025, even continuing through parts of the snowy season. ",{"type":603,"attrs":922,"content":923},{"textAlign":49},[924],{"text":925,"type":608},"Although the production profile remains unconfirmed, sources with knowledge of the project and Benchmark’s own satellite analysis have confirmed these activities. Public reporting suggests a preliminary run of around one million tonnes of ore for 2027 to be the first development stage. Benchmark forecasts mined production from Polmostundrovskoye at around 5kt LCE in 2026, with output onset towards the end of the calendar year.  ",{"type":680,"attrs":927},{"id":928,"body":929},"327d8bf1-cfab-48df-966c-3ace131c4d78",[930],{"id":931,"_uid":932,"type":623,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3656920","i-bbf4a521-9a8f-4ed5-9ffb-984867750d23",{"type":640,"attrs":934,"content":936},{"level":642,"textAlign":935},"left",[937],{"text":938,"type":608,"marks":939},"Converter activity also suggestive of Polmostundrovskoye progress ",[940,942],{"type":611,"attrs":941},{"color":547},{"type":650},{"type":603,"attrs":944,"content":945},{"textAlign":935},[946,951,953,958,967],{"text":947,"type":608,"marks":948},"CMP and ",[949],{"type":611,"attrs":950},{"color":547},{"text":952,"type":608},"Halmek ",{"text":954,"type":608,"marks":955},"are also jointly constructing a spodumene-to-",[956],{"type":611,"attrs":957},{"color":547},{"text":959,"type":608,"marks":960},"lithium hydroxide",[961,965],{"type":618,"attrs":962},{"href":963,"uuid":49,"anchor":49,"target":964,"linktype":840},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-hydroxide-premium-myth-why-lioh-no-longer-commands-a-structural-premium-over-li2co3","_self",{"type":611,"attrs":966},{"color":547},{"text":968,"type":608,"marks":969}," converter near Tula. While the Tula converter commenced construction already in 2024, progress through 2025 was largely muted.  ",[970],{"type":611,"attrs":971},{"color":547},{"type":603,"attrs":973,"content":974},{"textAlign":935},[975,980,989,994,1003],{"text":976,"type":608,"marks":977},"Recent construction activity there suggests feedstock from the Polmos Tundra might soon be available, and timelines for a late 2026 commissioning are plausible. With a capacity of 20kt/pa LHM, the converter uses an alkaline leach flowsheet, developed in cooperation with ",[978],{"type":611,"attrs":979},{"color":547},{"text":981,"type":608,"marks":982},"Finland’s Terrafame",[983,987],{"type":618,"attrs":984},{"href":985,"uuid":986,"anchor":49,"target":964,"linktype":623},"/videos/cost-competitiveness-in-europe-s-battery-materials-sector-interview-with-terrafame-s-antti-koulumies","9aabb9f2-4a54-4dd6-969b-9d079151d8e5",{"type":611,"attrs":988},{"color":547},{"text":990,"type":608,"marks":991}," before ",[992],{"type":611,"attrs":993},{"color":547},{"text":995,"type":608,"marks":996},"Russia’s 2022 invasion of Ukraine",[997,1001],{"type":618,"attrs":998},{"href":999,"uuid":1000,"anchor":49,"target":964,"linktype":623},"/article/what-does-the-russian-ev-market-look-like-after-three-years-of-sanctions","b601a86b-8fc3-4a34-92ea-c15b4335847a",{"type":611,"attrs":1002},{"color":547},{"text":1004,"type":608,"marks":1005},".  ",[1006],{"type":611,"attrs":1007},{"color":547},{"type":603,"attrs":1009,"content":1010},{"textAlign":935},[1011],{"text":1012,"type":608,"marks":1013},"Russian lithium chemical demand is around 10kt LCE per annum. Most of this demand is for lithium hydroxide used in various industrial applications.",[1014],{"type":611,"attrs":1015},{"color":547},{"type":680,"attrs":1017},{"id":928,"body":1018},[1019],{"id":1020,"_uid":1021,"type":687,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28733402","i-f51e1cfc-7dc7-47ec-97cc-3ffb58e9f263",{"type":603,"attrs":1023,"content":1024},{"textAlign":935},[1025],{"text":1026,"type":608,"marks":1027},"The CMP/Halmek converter could displace some of these imports, however, beyond industrial applications, it is unclear where production from new supply sources might find offtake; currently, Russia hosts only one cell production site, based in its Kaliningrad exclave and operated by Rosatom. For cathode material, however, beyond small experimental volumes from a Rosatom facility, Russia is dependent on foreign material. ",[1028],{"type":611,"attrs":1029},{"color":547},{"type":640,"attrs":1031,"content":1032},{"level":642,"textAlign":935},[1033],{"text":1034,"type":608,"marks":1035},"Rosatom also pursuing a Polmos Tundra project ",[1036,1038],{"type":611,"attrs":1037},{"color":547},{"type":650},{"type":603,"attrs":1040,"content":1041},{"textAlign":935},[1042],{"text":1043,"type":608,"marks":1044},"Rosatom, together with Norilsk Nickel (Nornickel), is pushing to develop its own project on the Polmos Tundra, Kolmozerskoye, though developments will likely proceed on a longer time scale.  ",[1045],{"type":611,"attrs":1046},{"color":547},{"type":603,"attrs":1048,"content":1049},{"textAlign":935},[1050],{"text":1051,"type":608,"marks":1052},"While exploration by joint venture vehicle Polar Lithium has been completed, there are concerns around the project’s remoteness, and the project poses an RBL 40 billion (USD$500 million) infrastructure and site access capital requirement, which is muddying near-term prospects. Rosatom operates a number of facilities in and Novosibirsk which could form part of its future conversion plans, though so far, no details have been released on the location, cost, or technology of the proposed facility, though a capacity of 30–40kt LHM is targeted. ",[1053],{"type":611,"attrs":1054},{"color":547},{"type":603,"attrs":1056,"content":1057},{"textAlign":935},[1058],{"text":1059,"type":608,"marks":1060},"In Russia’s Tuva Republic, in a remote region near the Mongolian border, Rostec’s Elbrusmetal-Lithium subsidiary has also accelerated development of its Tastyg spodumene deposit. It had announced it would invest $250m into the project, with production set to commence by 2028. ",[1061],{"type":611,"attrs":1062},{"color":547},{"type":603,"attrs":1064,"content":1065},{"textAlign":935},[1066],{"text":1067,"type":608},"By September 2024, exploration of the Soviet-era site had commenced and then continued through to the onset of winter 2025. In parallel, road works to provide more robust logistics had also enabled start on the construction of concentrator nearby. This work has continued through Winter. Benchmark estimates only minor volumes from Tastyg in 2026, and around 8000 tonnes LCE in 2027.  ",{"type":603,"attrs":1069,"content":1070},{"textAlign":49},[1071],{"text":1072,"type":608},"Given Rostec’s involvement, it is likely that production would serve domestic supply chains and sectors of national interest. A lack of conversion capacity in the country, however, could make full autarky difficult. Some reporting indicates that concentrates could be shipped to Rosatom’s Novosibirsk plant, though the status of Rosatom’s conversion capacity there is unclear. Whether Rosatom could absorb concentrates from both Kolmozersokye and Tasyg in the longer term is unclear. ",{"type":603,"attrs":1074,"content":1075},{"textAlign":49},[1076],{"text":1077,"type":608},"Historically, on account of its extreme remoteness, the Tastyg deposit had been considered uneconomical. At current spodumene prices, Tastyg’s estimated 40-60Mt ore grading 1.47% Li2O could provide an attractive source of lithium supply for the Russian state. ","CMP and Halmek's Arctic Lithium joint venture has accelerated the development of the Polmostundrovskoye deposit in Murmansk Oblast, Northern Russia over recent months. Exploration and on-site activities began through the 2024 season and continued late into 2025, even continuing through parts of the snowy season. \n\nAlthough the production profile remains unconfirmed, sources with knowledge of the project, and Benchmark’s own satellite analysis have confirmed these activities. Public reporting suggests a preliminary run of around one million tonnes of ore for 2027 to be the first development stage. Benchmark forecasts mined production from Polmostundrovskoye at around 5kt LCE in 2026, with output onset towards the end of the calendar year.  ",[1080],{"slug":544,"name":543,"content":1081},{"job_title":557,"image":1082,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"Northern Russian lithium mine set for first production this year",[1085,1086],{"slug":886,"name":887},{"slug":884,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1088},{},{"id":1090,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1091,"copyright":547,"fieldtype":553,"meta_data":1092,"is_external_url":50},170758215673226,"https://a.storyblok.com/f/287943243085208/1280x854/efde793dce/polmostundrovskoye.jpg",{},"CMP and Halmek's Arctic Lithium joint venture has accelerated the development of the Polmostundrovskoye deposit. Exploration and on-site activities began through the 2024 season and continued late into 2025.","Apr 29, 2026",{"id":1096,"uuid":760,"name":1097,"slug":1098,"full_slug":1099,"content":1100},170795640460552,"Greenbushes downgrades production guidance as ore grade decline accelerates","greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates",{"_uid":1101,"date":1102,"tags":1103,"editor":1110,"content":1120,"excerpt":1287,"featured":51,"reporter":1288,"component":881,"seo_title":1301,"categories":1302,"visibility":888,"data_vis_image":1305,"featured_image":1310,"seo_description":1314,"formattedDate":1315},"bbb607d4-835f-41a3-ae24-0a0d3f6c3532","2026-04-28 00:00",[1104,1107],{"slug":1105,"name":1106},"australia","Australia",{"slug":1108,"name":1109},"data-visualisation","Data Visualisation",[1111],{"slug":1112,"name":1113,"content":1114},"matthew-bird","Matthew Bird",{"job_title":1115,"image":1116,"bio":1118,"linkedin":1119},"Senior Editor - Supply Chains & Data Visualisation",{"filename":1117},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":600,"content":1121},[1122,1144,1166,1174,1182,1190,1197,1205,1213,1221,1243,1265],{"type":603,"attrs":1123,"content":1124},{"textAlign":49},[1125,1130,1139],{"text":1126,"type":608,"marks":1127},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs. IGO announced this week that ",[1128],{"type":611,"attrs":1129},{"color":613},{"text":1131,"type":608,"marks":1132},"spodumene concentrate",[1133,1137],{"type":618,"attrs":1134},{"href":1135,"uuid":1136,"anchor":49,"target":964,"linktype":623},"/article/pls-lithium-offtake-reinforces-structural-support-in-spodumene-market","16e2e235-e3d0-4ace-a37b-0aa658b63b30",{"type":611,"attrs":1138},{"color":613},{"text":1140,"type":608,"marks":1141}," output for Q1 was 351kt, prompting a full-year FY26 guidance cut to 1,375–1,425kt from 1,500–1,650kt. ",[1142],{"type":611,"attrs":1143},{"color":613},{"type":603,"attrs":1145,"content":1146},{"textAlign":49},[1147,1152,1161],{"text":1148,"type":608,"marks":1149},"Benchmark’s Q1 2026 lithium supply forecast had Greenbushes at approximately 270,000 tonnes LCE for 2026 calendar year, underpinned by 1,850kt of ",[1150],{"type":611,"attrs":1151},{"color":613},{"text":1153,"type":608,"marks":1154},"spodumene",[1155,1159],{"type":618,"attrs":1156},{"href":1157,"uuid":1158,"anchor":49,"target":964,"linktype":623},"/article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling","f6fa2b9c-6960-4bfa-bfb7-758daa9e8043",{"type":611,"attrs":1160},{"color":613},{"text":1162,"type":608,"marks":1163}," concentrate across the year. The March quarter result, and the likelihood of a softer Q2, means the first half of 2026 is now tracking approximately 170kt SC below our forecast, equivalent to a shortfall of roughly 25,000 tonnes LCE.",[1164],{"type":611,"attrs":1165},{"color":613},{"type":640,"attrs":1167,"content":1168},{"level":642,"textAlign":49},[1169],{"text":1170,"type":608,"marks":1171},"Ore grade has fallen ~37% in three years",[1172],{"type":611,"attrs":1173},{"color":613},{"type":603,"attrs":1175,"content":1176},{"textAlign":49},[1177],{"text":1178,"type":608,"marks":1179},"The average ore grade has declined from an average of ~4% in the 1980s, to 2.7% Li2O in 2023, to just 1.64% in Q1 2026. Lower grades mean more ore processed for the same concentrate output, pushing unit cash costs to $326/t (cash costs were just $197/t average in 2023).",[1180],{"type":611,"attrs":1181},{"color":613},{"type":603,"attrs":1183,"content":1184},{"textAlign":49},[1185],{"text":1186,"type":608,"marks":1187},"IGO noted grade was a particular issue at the older CGP1 and CGP2 plants. CGP3, which came online in December 2025, performed well as it was designed to process lower grade ore. The mine’s proximity to the town of Greenbushes (~3km) and legacy infrastructure from over a century of mining constrains pit sequencing and access to higher-grade zones.",[1188],{"type":611,"attrs":1189},{"color":613},{"type":680,"attrs":1191},{"id":1192,"body":1193},"8f2dc552-9208-4742-a0a7-00efb6410ce2",[1194],{"id":1195,"_uid":1196,"type":687,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28736008","i-8e4ceaa9-d5fd-47b7-aa05-a01cdc7c8c27",{"type":640,"attrs":1198,"content":1199},{"level":642,"textAlign":49},[1200],{"text":1201,"type":608,"marks":1202},"What impact could this have on incentive pricing?",[1203],{"type":611,"attrs":1204},{"color":613},{"type":603,"attrs":1206,"content":1207},{"textAlign":49},[1208],{"text":1209,"type":608,"marks":1210},"The grade decline at Greenbushes has both structural and cyclical components. Even with CGP3 ramping up well, head grades and recoveries through the older plants will drop materially over the coming years.",[1211],{"type":611,"attrs":1212},{"color":613},{"type":603,"attrs":1214,"content":1215},{"textAlign":49},[1216],{"text":1217,"type":608,"marks":1218},"Average mined grades this far below reserve grades are unlikely to persist through the medium term. However, given operational performance through previous quarters, a bet on a decisive reversal in 2026 would be risky. Assuming continued favourable CGP3 performance, guidance implies only marginal improvement out of CGP 1 & 2 through the June quarter.",[1219],{"type":611,"attrs":1220},{"color":613},{"type":603,"attrs":1222,"content":1223},{"textAlign":49},[1224,1229,1238],{"text":1225,"type":608,"marks":1226},"At $326/t, Greenbushes remains well below the current $2,407/tonne ",[1227],{"type":611,"attrs":1228},{"color":613},{"text":1230,"type":608,"marks":1231},"SC6 spot price",[1232,1236],{"type":618,"attrs":1233},{"href":1234,"uuid":1235,"anchor":49,"target":964,"linktype":623},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f",{"type":611,"attrs":1237},{"color":613},{"text":1239,"type":608,"marks":1240},". But rising costs at the industry’s lowest-cost producer shift the entire cost curve upward, reinforcing Benchmark’s view on the incentive price needed to bring new supply online.",[1241],{"type":611,"attrs":1242},{"color":613},{"type":603,"attrs":1244,"content":1245},{"textAlign":49},[1246,1251,1260],{"text":1247,"type":608,"marks":1248},"Benchmark expects to revise the 2026 LCE estimate for Greenbushes from 270kt toward ~245kt in the coming update. This will offer significant support to pricing, given that the 2026 lithium market is ",[1249],{"type":611,"attrs":1250},{"color":613},{"text":1252,"type":608,"marks":1253},"already short of feedstock",[1254,1258],{"type":618,"attrs":1255},{"href":1256,"uuid":1257,"anchor":49,"target":964,"linktype":623},"/article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance","e310a60b-1914-4b56-b78d-8646c714f378",{"type":611,"attrs":1259},{"color":613},{"text":1261,"type":608,"marks":1262}," in a wider ~32kt LCE deficit chemicals market.",[1263],{"type":611,"attrs":1264},{"color":613},{"type":603,"attrs":1266,"content":1267},{"textAlign":49},[1268,1273,1282],{"text":1269,"type":608,"marks":1270},"The tight feedstock market has already contributed to bullish spodumene ",[1271],{"type":611,"attrs":1272},{"color":613},{"text":1274,"type":608,"marks":1275},"price movements",[1276,1280],{"type":618,"attrs":1277},{"href":1278,"uuid":1279,"anchor":49,"target":964,"linktype":623},"/videos/q1-2026-lithium-price-drivers","f2a03280-94b9-4549-981c-dfee20cbecf2",{"type":611,"attrs":1281},{"color":613},{"text":1283,"type":608,"marks":1284},", with Benchmark’s FOB Australia Spodumene Concentrate (6.0%) grade up 54.6% so far in 2026. With the prospect of continued grade and recovery declines, the narrow ~32kt LCE surplus in 2027 may also tighten and offer pricing uplift then too.",[1285],{"type":611,"attrs":1286},{"color":613},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs. IGO announced this week that spodumene concentrate output for Q1 was 351kt, prompting a full-year FY26 guidance cut to 1,375–1,425kt from 1,500–1,650kt. \n\nBenchmark’s Q1 2026 lithium supply forecast had Greenbushes at approximately 270,000 tonnes LCE for 2026 calendar year, underpinned by 1,850kt of spodumene concentrate across the year. The March quarter result, and the likelihood of a softer Q2, means the first half of 2026 is now tracking approximately 170kt SC below our forecast, equivalent to a shortfall of roughly 25,000 tonnes LCE.",[1289,1298],{"slug":1290,"name":1291,"content":1292},"cameron-perks","Cameron Perks",{"job_title":1293,"image":1294,"bio":1296,"linkedin":1297,"markets_covered":8},"Product Director - Lithium",{"filename":1295},"https://a.storyblok.com/f/287943243085208/512x512/5504398139/cam-perks.png","Dr Cameron Perks is a leading global lithium expert and currently serves as Product Director for Lithium at Benchmark Mineral Intelligence. With over a decade of experience in opaque mineral markets, he has led market strategy, pricing analysis, and bespoke consulting for clients ranging from junior explorers to OEMs and institutional investors. He was previously a consultant at TZMI, a geologist with the Geological Survey of NSW, and holds a PhD in Environmental Engineering.","https://www.linkedin.com/in/cameronperks/",{"slug":544,"name":543,"content":1299},{"job_title":557,"image":1300,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"Greenbushes downgrades production guidance as ore grade declines",[1303,1304],{"slug":886,"name":887},{"slug":884,"name":8},{"id":1306,"alt":1307,"name":547,"focus":547,"title":547,"source":547,"filename":1308,"copyright":547,"fieldtype":553,"meta_data":1309,"is_external_url":50},170796773099755,"Greenbushes ore grade is in decline","https://a.storyblok.com/f/287943243085208/1300x1454/e16a41265d/greenbushes-ore-grade-and-sc-production-2x.png",{"alt":1307,"title":547,"source":547,"copyright":547},{"id":1311,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1312,"copyright":547,"fieldtype":553,"meta_data":1313,"is_external_url":50},129068074765385,"https://a.storyblok.com/f/287943243085208/c87716240e/bm-greenbushes-1.jpg",{},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs.","Apr 28, 2026",{"id":1317,"uuid":712,"name":1318,"slug":1319,"full_slug":1320,"content":1321},163681851563381,"Zimbabwe to lift lithium concentrate export ban with stringent conditions","zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions",{"_uid":1322,"date":1323,"tags":1324,"editor":1330,"content":1334,"excerpt":1556,"featured":51,"reporter":1557,"component":881,"seo_title":1573,"categories":1574,"visibility":888,"data_vis_image":1577,"featured_image":1579,"seo_description":1583,"formattedDate":1584},"b9a756c4-c5cf-4200-a544-31bb0c986047","2026-04-08 00:00",[1325,1326,1327],{"slug":584,"name":585},{"slug":581,"name":582},{"slug":1328,"name":1329},"export-restrictions","Export restrictions",[1331],{"slug":591,"name":592,"content":1332},{"job_title":594,"image":1333,"bio":597,"linkedin":598},{"filename":596},{"type":600,"content":1335},[1336,1358,1366,1374,1381,1390,1398,1406,1428,1436,1444,1452,1460,1468,1477,1508,1542,1548],{"type":603,"attrs":1337,"content":1338},{"textAlign":49},[1339,1344,1353],{"text":1340,"type":608,"marks":1341},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ",[1342],{"type":611,"attrs":1343},{"color":613},{"text":1345,"type":608,"marks":1346},"ban on lithium concentrate exports",[1347,1351],{"type":618,"attrs":1348},{"href":1349,"uuid":1350,"anchor":49,"target":964,"linktype":623},"/article/zimbabwe-suspends-lithium-concentrate-exports","604f5243-5659-4cc3-bbe4-a982e1bb429e",{"type":611,"attrs":1352},{"color":613},{"text":1354,"type":608,"marks":1355},", signalling a potential thaw in the export suspension imposed in February 2026. The move reflects the government's intent to unlock value from the sector while enforcing strict domestic beneficiation requirements and operational standards.",[1356],{"type":611,"attrs":1357},{"color":613},{"type":603,"attrs":1359,"content":1360},{"textAlign":49},[1361],{"text":1362,"type":608,"marks":1363},"The conditions, detailed in a letter to the Chamber of Mines, represent a high bar for operators and reveal significant friction points between Zimbabwe's policy ambitions and the economics facing miners and converters.",[1364],{"type":611,"attrs":1365},{"color":613},{"type":603,"attrs":1367,"content":1368},{"textAlign":49},[1369],{"text":1370,"type":608,"marks":1371},"Additionally, the letter notes that future investments in the lithium sector will have conditions applied on a case-by-case basis.",[1372],{"type":611,"attrs":1373},{"color":613},{"type":680,"attrs":1375},{"id":1376,"body":1377},"861211f7-2b3e-4f20-b4e3-a42eee8b191e",[1378],{"id":1379,"_uid":1380,"type":687,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28420451","i-48361e33-ccf5-4216-9662-2ad7de27ce0d",{"type":640,"attrs":1382,"content":1383},{"level":642,"textAlign":49},[1384],{"text":1385,"type":608,"marks":1386},"The sulphate bottleneck",[1387,1389],{"type":611,"attrs":1388},{"color":613},{"type":650},{"type":603,"attrs":1391,"content":1392},{"textAlign":49},[1393],{"text":1394,"type":608,"marks":1395},"The most consequential condition is the January 2027 deadline for sulphate plant establishment. This sits at the heart of Zimbabwe's value-chain capture strategy, yet creates substantial operational and financial friction.",[1396],{"type":611,"attrs":1397},{"color":613},{"type":603,"attrs":1399,"content":1400},{"textAlign":49},[1401],{"text":1402,"type":608,"marks":1403},"Three plants with combined capacity of approximately 185kt lithium sulphate (equivalent to ~107 kt LCE) are currently under construction or in planning across the country. Huayou's Arcadia plant began limited production in December 2025; Bikita and Kamativi projects remain in earlier stages. Meeting a January 2027 commissioning deadline will be difficult, if not impossible. Through 2027 and 2028, sulphate production is expected to consume around 20% of mined supply. ",[1404],{"type":611,"attrs":1405},{"color":613},{"type":603,"attrs":1407,"content":1408},{"textAlign":49},[1409,1414,1423],{"text":1410,"type":608,"marks":1411},"Given the planned ",[1412],{"type":611,"attrs":1413},{"color":613},{"text":1415,"type":608,"marks":1416},"spodumene concentrate export ban taking effect in 2027",[1417,1421],{"type":618,"attrs":1418},{"href":1419,"uuid":1420,"anchor":49,"target":964,"linktype":623},"/article/zimbabwe-to-ban-lithium-concentrate-exports-from-2027","2cb67dd2-7bf1-4398-bff8-512fa146020d",{"type":611,"attrs":1422},{"color":613},{"text":1424,"type":608,"marks":1425},", further negotiations between the government and miners participants will be necessary to strike a balance between government objectives and practical implementability. ",[1426],{"type":611,"attrs":1427},{"color":613},{"type":603,"attrs":1429,"content":1430},{"textAlign":49},[1431],{"text":1432,"type":608,"marks":1433},"\"Although negotiations are progressing relatively smoothly so far, We expect some tension between the government and companies to persist,\" said Zoey Zuo, a senior lithium analyst at Benchmark. \"Therefore, even if some consensus is reached in the short term, risk of future disruption is not eliminated entirely.\"",[1434],{"type":611,"attrs":1435},{"color":613},{"type":603,"attrs":1437,"content":1438},{"textAlign":49},[1439],{"text":1440,"type":608,"marks":1441},"Friction points remain somewhat fundamental – miners do not see favourable economics in establishing sulphate plants, at least not for their higher grade spodumene concentrates. Reagent logistics and power costs and reliability are the main limiting factors.",[1442],{"type":611,"attrs":1443},{"color":613},{"type":603,"attrs":1445,"content":1446},{"textAlign":49},[1447],{"text":1448,"type":608,"marks":1449},"Plans to forgo beneficiation of lower-grade petalite ore and to convert it directly into lithium sulphate could, on the other hand, positively impact margins. However, this option is not viewed as favourable by the Zimbabwean government on account of lowered tax revenues on a relatively lower grade sulphate product compared to concentrate-derived material.",[1450],{"type":611,"attrs":1451},{"color":613},{"type":603,"attrs":1453,"content":1454},{"textAlign":49},[1455],{"text":1456,"type":608,"marks":1457},"Uncertainty also remains around the specifics of the quota system, whether this would be a longer-term arrangement such as seen in Indonesia’s RKAB ore quota system, or whether export quotas might be a measure linked to miners’ progress on sulphate capacity. ",[1458],{"type":611,"attrs":1459},{"color":613},{"type":603,"attrs":1461,"content":1462},{"textAlign":49},[1463],{"text":1464,"type":608,"marks":1465},"Clarity on what the export ban would mean for small-scale miners and new major green- and brownfield expansions is also lacking. To what extent, and on what terms, would new producers be required or allowed to engage existing sulphate plants to convert concentrates is also unclear. Such a system could create complex dynamics; converters face squeezed economics; miners encounter rising processing costs; idle petalite capacity cannot easily be monetised if sulphate plants cannot absorb it; greenfield developers, already managing reduced margins on quota-constrained volumes, face further pressure.",[1466],{"type":611,"attrs":1467},{"color":613},{"type":640,"attrs":1469,"content":1470},{"level":642,"textAlign":49},[1471],{"text":1472,"type":608,"marks":1473},"Global context and market impact",[1474,1476],{"type":611,"attrs":1475},{"color":613},{"type":650},{"type":603,"attrs":1478,"content":1479},{"textAlign":49},[1480,1489,1494,1503],{"text":1481,"type":608,"marks":1482},"Zimbabwe accounts",[1483,1487],{"type":618,"attrs":1484},{"href":1485,"uuid":1486,"anchor":49,"target":964,"linktype":623},"/article/zimbabwe-africas-lithium-heartland","55306705-148d-46f7-ab80-27437cd2ac45",{"type":611,"attrs":1488},{"color":613},{"text":1490,"type":608,"marks":1491}," for a significant portion of emerging ",[1492],{"type":611,"attrs":1493},{"color":613},{"text":1495,"type":608,"marks":1496},"African lithium supply",[1497,1501],{"type":618,"attrs":1498},{"href":1499,"uuid":1500,"anchor":49,"target":964,"linktype":623},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"type":611,"attrs":1502},{"color":613},{"text":1504,"type":608,"marks":1505},". The conditional lifting of lithium export restrictions, sit within broader efforts on the continent to capture downstream value.",[1506],{"type":611,"attrs":1507},{"color":613},{"type":603,"attrs":1509,"content":1510},{"textAlign":49},[1511,1516,1525,1530,1537],{"text":1512,"type":608,"marks":1513},"Aggressive signalling, supply disruptions, and delays could have asymmetric impacts on ",[1514],{"type":611,"attrs":1515},{"color":613},{"text":1517,"type":608,"marks":1518},"spot-pricing",[1519,1523],{"type":618,"attrs":1520},{"href":1521,"uuid":1522,"anchor":49,"target":964,"linktype":623},"/article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","d935e80b-5abf-484c-a751-e698ccaf6e18",{"type":611,"attrs":1524},{"color":613},{"text":1526,"type":608,"marks":1527}," and short-term decision-making in a market in a market burned by ",[1528],{"type":611,"attrs":1529},{"color":613},{"text":1531,"type":608,"marks":1532},"erroneous expectations of Jiangxi disruption timelines",[1533,1535],{"type":618,"attrs":1534},{"href":1256,"uuid":1257,"anchor":49,"target":964,"linktype":623},{"type":611,"attrs":1536},{"color":613},{"text":1538,"type":608,"marks":1539}," in 2025, the tight lithium market balance, and long lead times for Zimbabwean material.",[1540],{"type":611,"attrs":1541},{"color":613},{"type":680,"attrs":1543},{"id":1376,"body":1544},[1545],{"id":1546,"_uid":1547,"type":687,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28420017","i-3944c19f-0b39-4fbe-a013-cdb3f4487a59",{"type":603,"attrs":1549,"content":1550},{"textAlign":49},[1551],{"text":1552,"type":608,"marks":1553},"The conditions framework also signals Zimbabwe's willingness to use export controls as leverage for industrial development, a precedent with implications for investor confidence and capital allocation into Zimbabwe and other countries eyeing local value-add policies.",[1554],{"type":611,"attrs":1555},{"color":613},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ban on lithium concentrate exports, signalling a potential thaw in the export suspension imposed in February 2026. The move reflects the government's intent to unlock value from the sector while enforcing strict domestic beneficiation requirements and operational standards.\n\nThe conditions, detailed in a letter to the Chamber of Mines, represent a high bar for operators and reveal significant friction points between Zimbabwe's policy ambitions and the economics facing miners and converters.",[1558,1561,1570],{"slug":1290,"name":1291,"content":1559},{"job_title":1293,"image":1560,"bio":1296,"linkedin":1297,"markets_covered":8},{"filename":1295},{"slug":1562,"name":1563,"content":1564},"zoey-zuo","Zoey Zuo",{"job_title":1565,"image":1566,"bio":1568,"linkedin":1569,"markets_covered":8},"Senior Analyst - Lithium ",{"filename":1567},"https://a.storyblok.com/f/287943243085208/852x854/1135fe200d/zoe-z.png","Zoey is a Senior Analyst at Benchmark Mineral Intelligence in China, leading its China lithium research. She has extensive experience in lithium mine projects, contributing to Benchmark’s lithium cost, supply-demand and price forecast models. Previously, has participated in investment and financing projects for lithium mining ventures. She led lithium market analysis collaborate with Chinese universities on joint lithium research projects  when she's in Lithium Research Institute.","https://www.linkedin.com/in/zoey-zuo-615637151/",{"slug":544,"name":543,"content":1571},{"job_title":557,"image":1572,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"Zimbabwe to lift lithium concentrate export ban with conditions",[1575,1576],{"slug":884,"name":8},{"slug":886,"name":887},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1578},{},{"id":1580,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1581,"copyright":547,"fieldtype":553,"meta_data":1582,"is_external_url":50},129065092576793,"https://a.storyblok.com/f/287943243085208/554e369eb1/bm-arcadia-mine-zimbabwe.jpg",{},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ban on lithium concentrate exports, signalling a potential thaw in the export suspension imposed in February 2026.","Apr 08, 2026",{"id":1586,"uuid":1350,"name":1587,"slug":1588,"full_slug":1589,"content":1590},148884017693079,"Zimbabwe suspends lithium concentrate exports","zimbabwe-suspends-lithium-concentrate-exports","article/zimbabwe-suspends-lithium-concentrate-exports",{"_uid":1591,"date":1592,"tags":1593,"editor":1599,"content":1603,"excerpt":1840,"featured":51,"reporter":1841,"component":881,"seo_title":1587,"categories":1845,"visibility":888,"data_vis_image":1848,"featured_image":1852,"seo_description":1856,"formattedDate":1857},"1bd8ada1-27d6-404b-a0a7-ab4431af58a8","2026-02-25 00:00",[1594,1595,1596,1597],{"slug":584,"name":585},{"slug":1108,"name":1109},{"slug":1328,"name":1329},{"slug":1153,"name":1598},"Spodumene",[1600],{"slug":1112,"name":1113,"content":1601},{"job_title":1115,"image":1602,"bio":1118,"linkedin":1119},{"filename":1117},{"type":600,"content":1604},[1605,1639,1647,1655,1662,1670,1678,1712,1718,1738,1746,1754,1762,1770,1792,1800,1834],{"type":603,"attrs":1606,"content":1607},{"textAlign":49},[1608,1613,1620,1625,1634],{"text":1609,"type":608,"marks":1610},"On Wednesday 25th February, the ",[1611],{"type":611,"attrs":1612},{"color":613},{"text":1614,"type":608,"marks":1615},"Zimbabwean government",[1616,1618],{"type":618,"attrs":1617},{"href":1485,"uuid":1486,"anchor":49,"target":964,"linktype":623},{"type":611,"attrs":1619},{"color":613},{"text":1621,"type":608,"marks":1622}," suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been ",[1623],{"type":611,"attrs":1624},{"color":613},{"text":1626,"type":608,"marks":1627},"banned since 2022",[1628,1632],{"type":618,"attrs":1629},{"href":1630,"uuid":1631,"anchor":49,"target":964,"linktype":623},"/article/zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential","30408142-cefa-4a5f-abbd-e10062096caa",{"type":611,"attrs":1633},{"color":613},{"text":1635,"type":608,"marks":1636},".",[1637],{"type":611,"attrs":1638},{"color":613},{"type":603,"attrs":1640,"content":1641},{"textAlign":49},[1642],{"text":1643,"type":608,"marks":1644},"This comes after a letter to Zimbabwe’s mining companies dated February 17th, which outlined the government’s intention to streamline its export permitting processes to “enhance efficiency”, address unsanctioned exports, crack down on export malpractices, and limit “leakage” of material.",[1645],{"type":611,"attrs":1646},{"color":613},{"type":603,"attrs":1648,"content":1649},{"textAlign":49},[1650],{"text":1651,"type":608,"marks":1652},"The global lithium market is currently tight, with supply and demand forecast to be largely balanced in 2026. There is currently no end date for the suspension. As such, it is unclear how much of Zimbabwe’s forecast supply for the year will be impacted, though it is likely to further tighten the market, potentially impacting prices.",[1653],{"type":611,"attrs":1654},{"color":613},{"type":680,"attrs":1656},{"id":1657,"body":1658},"c0950273-3a4d-424d-b34f-390cac576fc4",[1659],{"id":1660,"_uid":1661,"type":687,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27793534","i-2e888344-ca10-44db-b295-e94693791022",{"type":603,"attrs":1663,"content":1664},{"textAlign":49},[1665],{"text":1666,"type":608,"marks":1667},"At the core of the government’s drive will be its new computerised export permit management system, which it had been trialling on a limited basis since summer 2025. In the February 17th letter, the government had initially warned exporters about potential delays relating to this process.",[1668],{"type":611,"attrs":1669},{"color":613},{"type":640,"attrs":1671,"content":1672},{"level":642,"textAlign":49},[1673],{"text":1674,"type":608,"marks":1675},"What does this mean for Zimbabwe’s lithium production?",[1676],{"type":611,"attrs":1677},{"color":613},{"type":603,"attrs":1679,"content":1680},{"textAlign":49},[1681,1686,1693,1698,1707],{"text":1682,"type":608,"marks":1683},"Zimbabwe was ",[1684],{"type":611,"attrs":1685},{"color":613},{"text":1687,"type":608,"marks":1688},"Africa’s largest lithium producer",[1689,1691],{"type":618,"attrs":1690},{"href":1499,"uuid":1500,"anchor":49,"target":964,"linktype":623},{"type":611,"attrs":1692},{"color":613},{"text":1694,"type":608,"marks":1695}," in 2025, with an output of 132kt LCE. This figure is ",[1696],{"type":611,"attrs":1697},{"color":613},{"text":1699,"type":608,"marks":1700},"forecast to rise",[1701,1705],{"type":618,"attrs":1702},{"href":1703,"uuid":1704,"anchor":49,"target":964,"linktype":623},"/article/mali-set-to-become-africas-second-largest-lithium-producer-in-2025","97b8d569-e767-4be0-9abb-ee5e978adaa1",{"type":611,"attrs":1706},{"color":613},{"text":1708,"type":608,"marks":1709}," to ~134kt LCE in 2026.",[1710],{"type":611,"attrs":1711},{"color":613},{"type":680,"attrs":1713},{"id":1657,"body":1714},[1715],{"id":1716,"_uid":1717,"type":687,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27789313","i-f4c4bc8a-8ec5-4243-be40-705fcc264565",{"type":603,"attrs":1719,"content":1720},{"textAlign":49},[1721,1726,1733],{"text":1722,"type":608,"marks":1723},"Within the wider Zimbabwean context, recent events could be a harbinger of things to come. Zimbabwe’s ban on ",[1724],{"type":611,"attrs":1725},{"color":613},{"text":1727,"type":608,"marks":1728},"lithium concentrate exports is set to enter into force in January 2027",[1729,1731],{"type":618,"attrs":1730},{"href":1419,"uuid":1420,"anchor":49,"target":964,"linktype":623},{"type":611,"attrs":1732},{"color":613},{"text":1734,"type":608,"marks":1735},", and producers have been instructed to move to lithium chemical production by that deadline. ",[1736],{"type":611,"attrs":1737},{"color":613},{"type":603,"attrs":1739,"content":1740},{"textAlign":49},[1741],{"text":1742,"type":608,"marks":1743},"Recent changes to the country’s tax and royalty regime have offered further incentives for producers to develop chemical capacity. Direct-shipping ore (DSO) exports without express government consent are already banned.",[1744],{"type":611,"attrs":1745},{"color":613},{"type":640,"attrs":1747,"content":1748},{"level":642,"textAlign":49},[1749],{"text":1750,"type":608,"marks":1751},"What impact could the suspension have?",[1752],{"type":611,"attrs":1753},{"color":613},{"type":603,"attrs":1755,"content":1756},{"textAlign":49},[1757],{"text":1758,"type":608,"marks":1759},"The claims of “leakage” and the export of banned raw materials may be overstated.  Unsanctioned DSO material is not believed to play a significant role in Zimbabwe's lithium export mix. While reports of smugglers operating under the cover of legal routes have surfaced, the affected volumes and contained mineral value are very small in comparison to the regular exports by the country’s major Chinese producers.",[1760],{"type":611,"attrs":1761},{"color":613},{"type":603,"attrs":1763,"content":1764},{"textAlign":49},[1765],{"text":1766,"type":608,"marks":1767},"With limited progress towards chemical production, permit suspensions serve as a stark reminder and demonstration of regulatory power, potentially further enhanced by the introduction of an electronic permit management system.",[1768],{"type":611,"attrs":1769},{"color":613},{"type":603,"attrs":1771,"content":1772},{"textAlign":49},[1773,1778,1787],{"text":1774,"type":608,"marks":1775},"Idled capacity from Arcadia and Bikita’s petalite lines, as well as Premier’s troubled Zulu project, could potentially offer incremental supply to Benchmark’s 2026 forecast if current market tightness and strong demand signals from Chinese ",[1776],{"type":611,"attrs":1777},{"color":613},{"text":1779,"type":608,"marks":1780},"energy storage",[1781,1785],{"type":618,"attrs":1782},{"href":1783,"uuid":1784,"anchor":49,"target":964,"linktype":623},"/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals","a1c5b447-2917-45e6-832c-cc9c3e0dc267",{"type":611,"attrs":1786},{"color":613},{"text":1788,"type":608,"marks":1789}," LFP producers persist past Q1 2026. However, the increased regulatory friction, as well as chemical capacity bottlenecking exports from 2027 onwards, dampen optimism in this regard.",[1790],{"type":611,"attrs":1791},{"color":613},{"type":603,"attrs":1793,"content":1794},{"textAlign":49},[1795],{"text":1796,"type":608,"marks":1797},"Despite mixed feedback, sources have suggested to Benchmark that lithium sulphate exports are also impacted. Sulphate capacity under construction at Huayou’s Arcadia and Sinomine’s Bikita projects are forecast to produce 20kt LCE and 2kt LCE in 2026, respectively.",[1798],{"type":611,"attrs":1799},{"color":613},{"type":603,"attrs":1801,"content":1802},{"textAlign":49},[1803,1808,1815,1820,1829],{"text":1804,"type":608,"marks":1805},"Disruption to Zimbabwean supply, or the perceived risk thereof, is likely to send ",[1806],{"type":611,"attrs":1807},{"color":613},{"text":1809,"type":608,"marks":1810},"lithium prices",[1811,1813],{"type":618,"attrs":1812},{"href":1521,"uuid":1522,"anchor":49,"target":964,"linktype":623},{"type":611,"attrs":1814},{"color":613},{"text":1816,"type":608,"marks":1817}," higher in the short term. Long lead times for arrivals in China further exacerbate this dynamic, extracting a greater sentiment-driven risk premium, especially within the context of a market burned by the repeated downplaying of regulatory risk relating to ",[1818],{"type":611,"attrs":1819},{"color":613},{"text":1821,"type":608,"marks":1822},"Jiangxi Province",[1823,1827],{"type":618,"attrs":1824},{"href":1825,"uuid":1826,"anchor":49,"target":964,"linktype":623},"/article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry","f1d4e410-77c1-4103-8b56-b84209e2fc88",{"type":611,"attrs":1828},{"color":613},{"text":1830,"type":608,"marks":1831}," since summer 2025.",[1832],{"type":611,"attrs":1833},{"color":613},{"type":680,"attrs":1835},{"id":1657,"body":1836},[1837],{"id":1838,"_uid":1839,"type":687,"component":688,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27789881","i-93f76ac2-e3f1-4d7a-a564-4f606f6a7a50","On Wednesday 25th February, the Zimbabwean government suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been banned since 2022.\n\nThis comes after a letter to Zimbabwe’s mining companies dated February 17th, which outlined the government’s intention to streamline its export permitting processes to “enhance efficiency”, address unsanctioned exports, crack down on export malpractices, and limit “leakage” of material.\n\nThe global lithium market is currently tight, with supply and demand forecast to be largely balanced in 2026. There is currently no end date for the suspension. As such, it is unclear how much of Zimbabwe’s forecast supply for the year will be impacted, though it is likely to further tighten the market, potentially impacting prices.",[1842],{"slug":544,"name":543,"content":1843},{"job_title":557,"image":1844,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},[1846,1847],{"slug":886,"name":887},{"slug":884,"name":8},{"id":1849,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1850,"copyright":547,"fieldtype":553,"meta_data":1851,"is_external_url":50},149565523174515,"https://a.storyblok.com/f/287943243085208/1588x2006/2caebdd109/zimbabwe-s-lithium-scene-2x.png",{},{"id":1853,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1854,"copyright":547,"fieldtype":553,"meta_data":1855,"is_external_url":50},129072559928681,"https://a.storyblok.com/f/287943243085208/65b4a8a208/bm-shutterstock-603910874-1293753d04d9.jpg",{},"On Wednesday 25th February, the Zimbabwean government suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been banned since 2022.","Feb 25, 2026",1780670131856]