Cluff Africa has executed a term sheet with Mutapa Investment Fund, a sovereign wealth fund in Zimbabwe, to acquire a 45% stake in the Sandawana mining permits.
The UK-based mineral resources investment company intends to initiate a reverse circulation drilling programme immediately upon the final agreement with Mutapa, to define an inferred resource.
“We are pleased to have reached this pivotal point, from which we can now begin to develop what we believe to be a world-class, high-grade lithium resource, alongside our partner Mutapa,” said Cluff Africa chairperson Algy Cluff.
“Together, we can leverage our complementary strengths, resources and expertise to achieve this shared goal and deliver the enhanced value of this particularly exciting asset.”
The company has a longstanding presence in Zimbabwe, having made its initial investment in the country immediately after its independence in 1980.
It discovered and developed the Freda Rebecca gold mine, which is still producing gold four decades later.
Zimbabwe President Emmerson Mnangagwa extended an invitation to Cluff to reinvest in Zimbabwe on May 5.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
