March 16, 2023: Africa-focused UK company Marula Mining said on March 7 it is entering the market in Zimbabwe with a focus on battery metals including lithium and copper.
Marula has established a Zimbabwean arm, Muchai Mining, in which it will hold an 80% stake while local company Gondo Mineral Resources will hold the remaining shares.
The move follows extensive due diligence that is being completed on a number of opportunities in Zimbabwe’s fast growing battery metals sector, Marula said.
CEO Jason Brewer (pictured) said a Marula team has been in the country since the beginning of the year.
“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.”