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Wallace Ruzvidzo, Harare Bureau
VARDHAAN Lithium, which is set to establish India’s inaugural lithium refinery and battery manufacturing unit, has expressed interest in harnessing Zimbabwe’s rich mineral resources, with plans for beneficiation and value addition.

A high-powered delegation including the India-headquartered company’s Chairman, Mr Sunil Joshi and Managing Director Mr Vedansh Joshi, yesterday paid a courtesy call on President Mnangagwa at State House in Harare, where they informed him of their appetite to invest in the country’s mining sector.

Already, Vardhaan and a Zimbabwean company, Microlight Mineral Resources, have joined a Special Purpose Vehicle (SPV) known as Avani Microlight, which will see the two companies exploring the country’s mineral resources in Bikita, Masvingo province.

Once fully operational, a lithium battery assembly plant and an electric vehicle manufacturing plant will be established in Bikita.

In an interview after their closed-door meeting with President Mnangagwa, Microlight Mineral Resources’ vice chairman and director for corporate affairs Mr Martin Matoi laid out the two companies’ plans.

He said a place for the commencement of their SPV operations had since been secured.

“The two companies (Vardhaan and Microlight) have joined an SPV known as Alvin Microlite to do exploration, mining, value addition and beneficiation in the Bikita area of Masvingo.

“The whole objective is that at least they are going to invest in mineral exploration and beneficiation and the ultimate goal is to establish a battery assembly plant in Bikita and an electric vehicle manufacturing plant in the same area.

“So at least an area has been secured, say, in the Bikita area where these operations are going to be carried out,” he said.

Mr Matoi said there were also plans for a skills and technology transfer programme which will benefit Zimbabwe’s youths and ultimately the economy.

“They have a project for the technological transfer, which is one aspect that we want.

“We have an exchange programme for the Zimbabwean youths and the middle-aged adults to interchange on technological transfer in India.

‘So we will be having people going to India for training and then coming back to work in Zimbabwe.

“The whole idea is to transform the economy and the entire GDP of the country,” he said.

Vardhaan Lithium, said Mr Matoi, was firmly behind Zimbabwe’s goal of attaining an upper-middle-income economic status by 2030.

“So the vision which we are sharing with them, they support the vision of His Excellency, the President of Zimbabwe, Dr ED Mnangagwa of creating an upper-middle-income economy by 2030.

“We actually want to tap into their expertise as much as we can, they are coming to us as technical and financial partners,” he said.

Over the years, Indian investments in Zimbabwe have surged to a remarkable US$600 million, reflecting the growing depth of the bilateral relations between the two nations.

This massive investment jump, mostly in the private sector, has provided direct employment to approximately 5 000 Zimbabweans with indirect job creation for an additional 10 000 people.

The increasing presence of Indian companies in Zimbabwe combined with new expansion projects is poised to further fuel the economic collaboration between the two countries, with several projects already underway including one recently officiated by President Mnangagwa.