Shenzhen-listed GCL Energy Technology announced its wholly-owned subsidiary, which is focusing on the lithium battery business, has signed a lithium mining resource joint development agreement with Zim-Thai Tantalum (Private) Limited, a Zimbabwe-based company which owns the prospecting licences of EPO1780 and EPO1781. 

Based on the current prospecting results, Zim-Thai Tantalum (Private) Limited plans to divide the region with lithium potential within EPO1780 into three areas and establish project companies respectively. GCL Energy Technology will have the right to choose one of the project companies to work with. After that, Zim-Thai Tantalum (Private) Limited will promise no less than 500,000 tonnes and agree to let GCL Energy Technology to hold a 51% stake within the project company, Kallanish learns. 

The valuation of 500,000 t lithium oxide is about $620 million. 

Zimbabwe is writing new regulations that may restrict of lithium-related activities. The country's mines minister Winston Chitando says: "No lithium bearing ores, or unbeneficiated lithium whatsoever, shall be exported from Zimbabwe to another country."