Marula Mining to cease exploration in Zimbabwe
Marula Mining PLC has announced its decision to halt exploration and project acquisition activities in Zimbabwe. Through its 80%-owned subsidiary, Muchai Mining (Pvt) Limited, the company had been seeking lithium and copper mining opportunities in Zimbabwe since the second half of 2023.
Marula Mining was unable to identify projects that met its stringent internal criteria regarding grade, cost, and development timelines. As a result, the company is shifting its focus to high-grade mining projects in Tanzania and South Africa.
Marula Mining
In Tanzania, Marula Mining will prioritize the Kinusi Copper Mine, where initial copper sales are expected by December 31, 2024. The site has been independently assessed to potentially host a 10-15 million tonne deposit of high-grade copper, gold, and other base metals. This assessment was first disclosed on August 18, 2023. The company is also conducting technical due diligence on additional copper mining and processing opportunities in Kenya.
In South Africa, the Blesberg Lithium and Tantalum Mine will become Marula’s principal lithium mining and processing focus. The company is in active negotiations to establish a joint venture for commissioning a lithium acid leaching plant. Additionally, Marula is advancing technical reviews of two low-cost lithium brine projects located in South Africa and Botswana.
Marula Mining maintains a diversified portfolio of mining operations and development projects across Africa, including key interests in South Africa, Kenya, Tanzania, and Zambia. With a strategic emphasis on battery metals, the company aims to capitalize on growing demand for critical minerals. Marula’s shares are traded on the Aquis Stock Exchange in London and the A2X Markets in South Africa, with plans to expand trading to exchanges in Kenya and South Africa.
