Canada’s mining giant “excited” about Zimbabwe investment opportunity

Canada’s Chimata Gold (CN:CAT) said it was “encouraged and excited” by the recent changes and has signed a binding letter of intent to acquire up to 100% of private company Zimbabwe Lithium, which has the exclusive development rights for the Kamativi lithium tailings deposit. The company, formerly known as Maxtech Resources Inc. and changed its name to Chimata Gold Corp. in February 2011 is headquartered in North Vancouver, Canada.

Chimata’s move comes after Mnangagwa said the welcome mat was now out for investors as Russian fertiliser producer Uralchem this month looked to strike a new fertiliser deal in the country.

“Zimbabwe is very rich in mineral assets and remains, in my opinion, one of the most attractive destinations in Africa,” Chimata chairman and interim CEO Richard Groome said. “We believe that these changes signal an important investment opportunity.”

 

Mnangagwa has abolished 51% black ownership requirements for miners other than diamond and platinum, and has said he would step down if he lost the election to be held later this year.

 

Source : Mining Journal

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