[SMM Analysis] Zimbabwe's Only Operating Lithium Sulphate Plant Has No Spare Capacity Ahead of Concentrate Export Ban

Nigeria has confirmed lithium reserves estimated at 3.3 million metric tonnes at a mining site near Abuja, alongside the identification of a separate polymetallic mineral province in Kaduna State that also carries lithium mineralisation. The findings were disclosed at the African Natural Resources and Energy Investment Summit 2026 in Abuja as part of the country's push to build out its critical minerals sector. The 3.3 million-tonne Abuja Lithium Site estimate was disclosed by Steron Mining and Company Limited during a facility tour for summit delegates. Company officials said the site hosts an estimated 94.8 million tonnes of total mineral resources, including lithium-bearing ore and granitic rock, with verified spodumene grades at licensed Nigerian sites ranging between 2.66% and 5.96% Li₂O with some deposits recording concentrations of up to 13% Li₂O, well above the global commercial average of 1-2%. Steron said it has since also identified tantalite occurrences at the site and continues active exploration. Nigeria's Minister of Solid Minerals Development, Dele Alake, described the Kaduna find as a "world-class" mineral province containing high grade platinum group metals, gold, nickel, copper, lithium and rare earth elements, verified by the Nigerian Geological Survey Agency in collaboration with the discovering private operator. The lithium finds build on an already active Chinese processing footprint in Nigeria. Chinese firms including Jiuling Lithium and Canmax Technology have committed more than $1.3 billion to Nigerian lithium processing capacity since 2023. A $250 million lithium processing plant built by Jiuling and Canmax in Nasarawa state, with capacity to process 3 million tonnes of lithium ore annually, came online in July 2026. SMM View: The Abuja and Kaduna find extend Nigeria's lithium resource base beyond its established Nasarawa and Kogi pegmatite belts, reinforcing the country's position as a fast-growing West African lithium ore source with an unusually mature downstream processing footprint already backed by Chinese capital. Whether the new reserves convert to bankable, licensed production will hinge on further resource verification and offtake commitments, but the existing processing infrastructure lowers the barrier to bringing new Nigerian lithium ore to market compared with peers still lacking domestic conversion capacity.

Sinomine Resource Group has agreed to acquire Tyranna Resources' 90% interest in the Namibe lithium project in southern Angola for $1.44 million, adding another West African lithium ore asset to its African portfolio as it deepens exposure to the region's spodumene supply chain. Deal Structure: The transaction covers Tyranna subsidiary Angolan Minerals' stake in AM Mauritius, holding company for Namibe, to be sold to Sinomine Resource (Guangdong Hengqin) Supply Chain Co, a Sinomine subsidiary. The deal requires shareholder approval, with Tyranna's general meeting on the matter scheduled for August 7. Project Background: Namibe has been under exploration for four years, with drilling confirming spodumene and pollucite mineralisation. Sinomine, already a funding partner in the project, was named the natural buyer given its established African mining and lithium ore processing footprint across Namibia, Zimbabwe and the DRC. Capital Redirected to Gold: Tyranna said proceeds will fund its newly acquired Chinguar gold project in Angola, with the exploration team preparing stream sediment sampling, soil surveys and lateritic gold target assessment across the concession. Managing Director David Crook framed the divestment as a strategic pivot to prioritise assets with the strongest exploration upside while retaining an Angolan mineral sector presence. SMM View: The deal underscores Sinomine's continued consolidation of early-to-mid-stage African lithium ore assets at low entry cost, extending its regional footprint beyond existing Zimbabwe and DRC operations into Angola's nascent spodumene sector. For juniors like Tyranna, divesting pre-development lithium assets to fund gold exploration reflects a broader trend of smaller Angola-focused explorers rotating capital away from lithium amid subdued pricing, toward commodities offering faster near-term returns.

[July 2026 Hydrometallurgical Black Mass Procurement Volume Down 6% MoM, Sluggish Transactions and Destocking Dominated] According to SMM's latest survey data, in July 2026, the scrap procurement volume (in black mass equivalent terms) of China's mainstream hydrometallurgical plants fell approximately 6% MoM from the June high. However, as market conditions stabilize and demand expectations improve, August procurement volume is expected to rebound 10%. Looking back at the July market, both supply and demand sides and price gaming showed notable structural divergence. The expectation misalignment between grinding enterprises and hydrometallurgical plants was the core factor leading to sluggish market transactions.