Zimbabwe shipped a record volume of lithium concentrate last quarter, cementing its position as Africa's largest producer of the mineral. But a closer look at who captures the value tells a more complicated story than the headline export figures suggest.

Most of the country's lithium leaves as raw concentrate rather than processed, higher-value spodumene or lithium carbonate — meaning the bulk of the eventual battery-grade profit margin is realised overseas, largely in Chinese processing facilities that now own or part-own most of the major mines.

Government officials point to a 2027 deadline for a local beneficiation requirement as evidence that more value will eventually stay onshore. Mining executives, speaking privately, say the timeline is unrealistic given the capital cost of building processing plants at scale.

For now, royalty receipts have risen, but critics note that community development spending in mining districts like Buhera and Bikita has not kept pace with the scale of extraction.