Li3 Lithium Corporation, a Canadian lithium exploration and development firm, is intensifying its efforts in Mutare, seeking additional territory in this budding Zimbabwean lithium hub.
Zimbabwe proudly stands as the fifth-largest lithium producer globally, with a recent surge in its output, producing 1,200 metric tonnes in 2021. Experts suggest that leveraging this “white gold” might just be Zimbabwe’s trump card. In-depth strategies can potentially lead to a staggering US$10-billion in revenue, coupled with the creation of numerous jobs.
In recent developments, Li3 announced its quest for more grounds in Mutare to bolster their portfolio. “The company is weighing up the acquisition of more territories, either via direct staking or partnering with potential vendors,” the statement read. The prospective sites mirror the lithium-rich qualities found in the likes of Western Australia’s Pilbara Craton pegmatite.
Li3’s ongoing commitment in Zimbabwe is evident with the Mutare Lithium Project, a venture spanning 1,500 hectares in the Mutare Greenstone Belt, conveniently located near the Mozambique border.
The company’s also set its sights on financial growth. They’ve recently declared an intention for a non-brokered private placement aiming to generate up to $250,000, encompassing up to 5 million units priced at $0.05 each. The expected closing date for this financial move is October 31, 2023. Li3 stated the funds will drive general working capital and assess potential acquisitions in both Zimbabwe and the Americas.
