Mining and development company Marula Mining has established Muchai Mining, an 80%-owned Zimbabwean operating subsidiary.
Muchai Mining has been established to focus on securing near-term and advanced lithium and copper mining and development opportunities in Zimbabwe’s fast-growing and highly attractive battery metals sector, Marula says.
Marula will hold 80% of the company’s equity, while Zimbabwean company Gondo Mineral Resources (GMR) will own the remaining 20% interest.
The decision to establish the subsidiary company and have an operating presence in Zimbabwe follows an extensive due diligence that is being completed on a number of opportunities in Zimbabwe’s fast-growing battery metals sector, Marula points out.
Representatives of the company and Muchai Mining’s management team have been in the country, on the ground, since the beginning of the year, reviewing a number of potential opportunities.
The establishment of Muchai Mining is in line with the company’s strategy to identify, develop and advance new prospective battery metals opportunities in East and Southern Africa.
“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.
“With Marula’s experience and expertise, combined with our local partner’s knowledge and experience in the country, we believe Muchai Mining is well positioned for success,” comments Marula CEO Jason Brewer.
“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.
“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,” he adds.