Afroreef expands to Zim
AFROREEF International, a leading pan-African diversified investment company, has expanded its portfolio with a lithium mine and processing plant in Zimbabwe.
According to the company, the mine will revolutionise Zimbabwe’s mining industry and contribute to the global supply of lithium.
The project, the firm said, involves the establishment of a state-of-the-art lithium mine and a one-of-a-kind lithium processing plant, marking a significant milestone for the local economy.
“The decision to open the lithium mine and processing plant in Zimbabwe was driven by the country’s abundant lithium reserves and the increasing global demand for this vital mineral,” the company said in a statement.
“The project entails a substantial investment of over US$100 million, reflecting Afroreef’s commitment to harnessing Africa’s natural resources and promoting sustainable development.”
Moreover, the company said the initiative would have a social impact on the communities as the processing plant would generate an estimated 600 jobs.
As part of its corporate social responsibility, the company will invest US$10 million towards community infrastructure projects, including roads, schools, healthcare facilities, and access to clean water and electricity. These efforts will enhance the overall quality of life and contribute to the long-term development of the local community.
Afroreef chairperson Simon Magama said: “We are thrilled to embark on this ground-breaking venture in Zimbabwe. Afroreef Investments is committed to sustainable development and creating value for all stakeholders involved.
“By tapping into Zimbabwe’s lithium reserves and establishing a cutting-edge processing plant, we aim to contribute to the international lithium supply chain while making a lasting positive impact on the local community.”
Magama added: “With the establishment of the lithium mine and processing plant, Afroreef International solidifies its position as a leader in strategic proprietary investments throughout Africa. This project exemplifies the company’s dedication to fostering economic growth, promoting job creation, and driving infrastructure development.”
Afroreef International specialises in strategic proprietary investments across various sectors. With a balanced portfolio ranging from agriculture, mining and resources, rail, road construction, petroleum and gas, manufacturing, renewable energy to innovation and technology, Afroreef Investments aims to unlock Africa’s economic potential and create sustainable value for its stakeholders.-newsday
