UK-based Cluff Africa has signed a term sheet with Zimbabwe’s sovereign wealth fund, Mutapa Investment Fund, to acquire 45% of the Sandawana mining permits. This agreement follows a thorough due diligence process. Cluff Africa plans to start a reverse circulation drilling program 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 and CEO Algy Cluff.
Cluff expressed confidence in the partnership, stating, “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.”
Cluff Africa plans to progress the exploration program and unlock significant value in this highly prospective mining region. The company has a longstanding history in Zimbabwe, having first invested in the country shortly after its independence in 1980. It discovered and developed the Freda Rebecca gold mine, which continues to produce gold four decades later.
Algy Cluff was invited by Zimbabwe President Emmerson Mnangagwa in London on May 5 to reinvest in Zimbabwe. “I would like to extend my thanks to Mutapa Investment Fund CIO Mr. Simba Chinyemba and his staff for their professional conduct and collaboration in the negotiation process. The efficiency of the process has reaffirmed our belief in the durability and value of this partnership,” said Cluff.
He also thanked Zimbabwe’s Ambassador to the UK Christian Katsande and his staff, and the UK’s Ambassador to Zimbabwe Pete Vowles, and his team for their advice and support.
Cluff Africa’s agreement with Mutapa marks a significant step in developing a high-grade lithium resource in Zimbabwe. This collaboration aims to enhance the value of the Sandawana mining permits and contribute to the growth of Zimbabwe’s mining sector.
With plans to launch the drilling program immediately, Cluff Africa is poised to advance its exploration efforts. The partnership with Mutapa Investment Fund will bring together expertise and resources to achieve their shared goal.
Cluff Africa’s history in Zimbabwe and its ongoing commitment to the country’s mining industry underscore the potential of this new venture. By developing the Sandawana mining permits, Cluff Africa aims to contribute to Zimbabwe’s economic growth and mining sector development.
The future looks promising for Cluff Africa and its efforts to establish a world-class lithium resource in Zimbabwe. This partnership is set to deliver significant benefits and enhance the region’s mining prospects.
Source: Mining Weekly
