ENGLAND based mining investor, Marula Mining PLC – Haywards Heath has tabled plans to establish a new mining subsidiary in Zimbabwe which will focus on the fast growing battery metals sector.
The mineral resource rich Southern Africa nation has the largest lithium deposit on the continent amid expectations that it can do better from the commodity’s price surge.
For instance, its Bikita Mine, 300 km south of the capital Harare, boasts 10,8 million tonnes of lithium ore amid expectations that stocks could be much higher considering that the mineral continues to be discovered in other areas.
The resource is exciting investors across the globe who continue to lose patience in the wake of rising global demand for lithium batteries.
“The new mining subsidiary in Zimbabwe, Muchai Mining Ltd, will focus on the fast-growing battery metals sector by securing advanced lithium and copper mining and development opportunities in the African country,” the England based miner said.
Muchai is an 80% owned Zimbabwean operating subsidiary of Marula while Gondo Mineral Resources Ltd, a local Zimbabwean company, will hold the remaining 20%.
Marula Mining PLC CEO, Jason Brewer, said the decision comes after due diligence proving the vast opportunites in the country.
“The decision to establish Muchai Mining is the result of extensive due diligence and careful consideration of various opportunities in the region,” said Brewer.
“Our team has been on the ground since the beginning of the year, and we are excited about the potential that Zimbabwe offers the company and the industry.
“With Marula’s experience and expertise, combined with our local partners’ knowledge and experience in the country, we believe Muchai Mining is well positioned for success.”
Back home, authorities in Zimbabwe are working flat out to make it easier for foreign investors to repatriate their dues following the recent establishment of the Victoria Falls Offshore Centre presenting opportunities such as lowered taxation, privacy and secrecy, connection to regional markets and favourable legal systems.
Access to foreign currency from local banks has also improved significantly for both individuals and companies.
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Publish date : 2023-03-18 09:02:38