By: Reuters

India's Lohum said on Wednesday it had dispatched its first shipment of lithium ore from Zimbabwe, marking the start of its mining operations in the southern African country and making it the first domestic company to producWe lithium from overseas assets.

Here are more details:

The Indian producer of sustainable critical minerals has secured rights to 10 lithium mining blocks in Zimbabwe's Matabeleland South Province covering about 1,100 hectares, with estimated deposits of 30 million-40 million tonnes of ore

The assets are expected to support production of around 300,000 metric tonnes of lithium carbonate equivalent and carry an estimated value of about $7 billion at current prices.

The company also holds an option to acquire up to 90 adjacent mining blocks.

Lohum said the move expands its presence across the critical minerals value chain, complementing its existing refining, advanced manufacturing and recycling businesses.

Chief Executive Officer Rajat Verma said securing lithium supplies at the source would help reduce battery costs and strengthen India's electric vehicle supply chain.

It also plans to build processing capabilities in Zimbabwe rather than exporting raw ore.

(Reporting by Urvi Dugar in Bengaluru and Neha Arora in Delhi; Editing by Ronojoy Mazumdar)