UK mine explorer finds no acquisition targets in Zimbabwe

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British explorer Marula Mining has stopped planned exploration and project acquisition activities in Zimbabwe after failing to secure opportunities that met its expectations.

AQSE-listed Marula, through its 80% owned Zimbabwean operating subsidiary, Muchai Mining, had been seeking near-term and advanced lithium and copper mining and development opportunities in Zimbabwe since the second half of 2023.

“Whilst Zimbabwe’s mining sector has some highly attractive and advanced project opportunities, the company was not able to secure projects that met its high internal criteria in terms of both grade, cost and ability to advance to development in a relatively short time period,” the company says in a statement.

The company will now focus on Kinusi Copper Mine (Kinusi) in Tanzania, where it expects first copper sales December 31, 2024.

Marula estimates Kinusi to be a 10-15mn-tonne deposit of high-grade copper, gold, and other base metals. The company will also focus on its Blesberg Lithium and Tantalum Mine in South Africa. It is engaged in negotiations towards the establishment of a new joint venture partnership for the commissioning, financing, and operation of a lithium acid leaching plant to produce an intermediate lithium product for use in the manufacture of lithium batteries and other high-value lithium products.

Marula was one of many UK mid-tier companies to have entered Zimbabwe in the past five years to explore for new projects.

The country is largely underexplored, an attraction for explorers hoping to get a breakthrough. Among these are Kavango Resources, which plans to list on the VFEX stock exchange, Contango Resources, developing a new coal mine in Binga, gold developer Ariana Resources, plus lithium explorers Red Rock and Galileo Resources.

NewZwire