Marula Mining sets up Zimbabwe subsidiary Muchai
AFRICA-focused global mining firm, Marula Mining, has set up an 80 percent-owned Zimbabwean operating subsidiary known as Muchai to explore near-term and advanced lithium and copper mining opportunities in the country’s fast-growing and highly attractive battery metals sector.
Marula will hold 80 percent of Muchai’s shares, with a local company, Gondo Mineral Resources, holding the remaining 20 percent.
Lithium
The two minerals are now strategically the most important resource in the commodities mix.
Announcing the subsidiary set-up, Marula Mining chief executive officer, Mr Jason Brewer, said the decision to establish the subsidiary company and have an operating presence in Zimbabwe follows extensive due diligence that is being completed on a number of opportunities in Zimbabwe.
“The decision to establish Muchai Mining is the result of extensive due diligence and careful consideration of various opportunities in the region. 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,” he said.
Mr Brewer expressed confidence that with Marula’s experience and expertise, combined with its local partners’ knowledge and experience in the country, Muchai Mining is well positioned for success.
“This positioning of Marula in Zimbabwe aligns seamlessly with our strategy and development plans, as we continue to identify and pursue opportunities that we believe have the potential to deliver value to our shareholders,” he said.
“Zimbabwe is home to some of the most substantial hard rock lithium deposits globally, with major interest from Chinese-owned mining companies who are active in the sector.
“Additionally, Zimbabwe is home to over 70 known copper deposits, and copper mining has experienced a revival in the country, coinciding with an increase in copper prices.”
In 2021, Cabinet approved the Greater Chinhoyi Copper Development Programme, which plans to operationalise six copper projects by 2023. An additional three new projects will embark on resource definition. Zimbabwe plans to boost mineral exports to US$12 billion by 2023 and there has been huge interest in exploration of various minerals.
Marula Mining is an African-focused battery metals investment and exploration company and has interests in several high-value mine projects in Africa that include Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill Project in Zambia and Kinusi Copper mine, Bagamoyo Graphite Project and Nyorinyori Graphite Project in Tanzania.-chronic.ec.zw
