Zimbabwe's government has issued a Mineral Classification and Declaration that
formally lists 14 minerals — including lithium, nickel, cobalt and graphite — as
'critical minerals' subject to equity and export controls, and establishes a
principle that the state will enforce minimum mandatory equity holdings via
designated special-purpose vehicles (SPVs). Observers say the move echoes
Indonesia's nickel roadmap, aiming to control global critical-mineral supply
chains by banning raw-ore exports, requiring foreign investors to build smelters
locally and securing state equity in projects. The declaration is currently a
framework agreement and specific minimum-share ratios and implementing rules
remain to be issued, but it has already drawn close attention from
Chinese-backed lithium firms operating in Zimbabwe. Some companies report the
government already holds equity stakes in local projects, with effective
holdings reaching about 15%; the new measures are said to target new
mining-right applications, while existing mines are temporarily exempt.
