12 °c
London
Wednesday, April 21, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Australian gold player acquires lithium project in Zimbabwe

FurtherAfrica by FurtherAfrica
April 13, 2018
in Africa, Commodities, FDI, Gold, Lithium, M&A, Mining, Natural Resources, Zimbabwe
Reading Time: 2 mins read
0
Australian gold player acquires lithium project in Zimbabwe
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

ASX-listed Latitude Consolidated has entered into a binding agreement to acquire a majority interest in the Mbeta lithium – tantalum project from Zimbabwean national Robert David Hutchings.

The project was introduced to Latitude by Klaus Eckhof and Mark Gasson who will receive part of the share consideration. Both Eckhof and Gasson are also assisting the company to identify further project acquisition opportunities in southern and eastern Africa.

Eckhof will also be appointed as a non-executive director following the receipt of shareholder approval for the acquisition.

As part of the transaction, Latitude will complete a two-tranche share placement of which A$491 000 is upfront under the 15% capacity and A$2.95 million is subject to shareholder approval raising a total of A$3.45 million to sophisticated investors. DJ Carmichael Pty Limited is acting as lead manager for the placement.

Mbeta project overview and geology

The Mbeta project is located in southern Zimbabwe in an area approximately 40 km southwest of Gwanda, near Nyambe Hill.

The district has seen minor historical lithium and tantalum mining and the project area is considered under-explored, yet highly prospective, for lithium and associated elements.

Mbeta comprises 13 mineral claims with a combined area of 18 km2 and lies in gently-undulating, lightly cropped terrain with good access from Gwanda via tarmac and all-weather gravel roads.

Reported historical lithium mineralisation is hosted by several elongate pegmatite bodies close to the transition zone between a local greenstone belt and surrounding basement granites and gneisses.

Within the project area a lithium bearing pegmatite has been worked in shallow open pits extending over ~700 m strike in a SW-NE orientation.

The body is hosted in fresh mafic and ultramafic greenstone rocks adjacent to the granite contact. Limited historical records have been located to date, and previous lithium production is unknown.

Following the successful completion of the acquisition, Latitude will undertake data compilation and initial field exploration programmes aimed at gaining a better geological understanding of target areas identified within the Mbeta project area.

Exploration will likely commence with a rock-chip and soil sampling geochemical campaign in the historical mine areas, and along the host structural corridor, with analysis for lithium and associated elements.

Detailed exploration, comprising closer spaced soil sampling, trenching and analysis will be undertaken in geochemically anomalous areas, ahead of the ranking of priority drill targets.

“The Board has been actively assessing a number of investment opportunities in the resources sector globally with the aim of providing our shareholder base with a direct exposure to the rapidly growing renewable energy sector. In line with this strategy, the board intends to further extend Latitude’s reach into other lithium opportunities within Africa,” says Latitude’s chairman, Tim Moore.

“In respect to the acquisition of Mbeta, our technical team has identified considerable exploration potential within the Mbeta project and surrounding mining claims which we believe have the potential to host additional lithium mineralisation.”

Source: MiningReview

Related

Tags: AustraliaDJ Carmichael Pty LimitedFeaturegeologygoldGwandaKlaus EckhofLatitude ConsolidatedlithiumMark GassonMbeta lithiumshare placementtantalumzimbabweзимбабвеジンバブエ津巴布韦
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Mauritius freezes funds linked to Angola’s sovereign wealth fund

Next Post

Corn production in Tanzania to fall in 2018-19

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Mozambique

Mozambique: Five companies pre-selected to build solar plant

by FurtherAfrica
April 21, 2021
African Fintech: Growth, Profit and Forecasts
Finance

28 money transfer services checked for Africa: an extensive guide

by Jens Ischebeck
April 21, 2021
Mozambique

Mozambique: US$30M needed to rebuild Beira Airport

by Club of Mozambique
April 21, 2021
Procedure for registration of a Limited Liability Partnership in Nigeria
FDI

The role of government in securing FDI

by Africa Oil & Power
April 21, 2021
Angola’s Sonangol reiterates payment commitment of drill ships
Africa

Maersk Drilling secures US$24M Exploration Contract in Gabon

by Africa Oil & Power
April 21, 2021
Next Post
Corn production in Tanzania to fall in 2018-19

Corn production in Tanzania to fall in 2018-19

Mozambique proposes constitutional changes to secure peace agreement

Mozambique changes commercial code to improve business environment

Zimbabwe's capital seeks deal with American firm to introduce electric buses

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?