Lithium Americas, Albemarle stocks gain as Zimbabwe suspends exports

Investing.com -- Lithium Americas (NYSE: LAC) shares rose 4% Wednesday, while Albemarle (NYSE: ALB) gained 7%, following reports that Zimbabwe has suspended exports of lithium concentrates and raw minerals. SQM also gained.

The export ban took effect immediately, Mines Minister Polite Kambamura told reporters in Harare on Wednesday. The suspension will remain in place until mining firms comply with government requirements to establish processing operations within the country.

Zimbabwe has emerged as a major supplier of lithium concentrate to Chinese refineries, with companies including Chengxin Lithium Group, Zhejiang Huayou Cobalt Co., and Sinomine Resource Group investing billions of dollars in mine development. The African nation holds an estimated 126 million tons of lithium reserves and ranks among the top global producers.

The ban represents an acceleration of Zimbabwe's previous timeline, which called for ending lithium concentrate exports in 2027.

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