LONDON, UK: Marula Mining (AQSE: MARU) an African focused mining and development company, announced the establishment of Muchai Mining (Pvt) Limited, an 80% owned Zimbabwean operating subsidiary of Marula.
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.
Highlights:
- Marula has established Muchai Mining as its 80% operating subsidiary Zimbabwe
- Marula will hold 80% of the company’s equity with local Zimbabwean company, Gondo Mineral Resources (Pvt) Limited (“GMR”) holding the remaining 20%
- 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
- Representatives of the Company and Muchai Mining’s management team have been in country, on the ground, since the beginning of the year reviewing a number of potential opportunities for the Company to secure
- 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
Jason Brewer, Marula Mining PLC CEO, said: “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 partners knowledge and experience in the country, we believe 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. 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.
“We look forward to building a strong and successful partnership with GMR and to achieving great things with Muchai Mining.”