LONDON - Marula Mining PLC (AQSE: MARU), an investment and development company focused on African mining, has announced its decision to cease exploration and project acquisition activities in Zimbabwe. The company, through its 80% owned subsidiary Muchai Mining (Pvt) Limited, had initiated a program in the second half of 2023 to secure lithium and copper mining opportunities in the country.
Despite the presence of advanced project opportunities within Zimbabwe's mining sector, Marula Mining was unable to find projects that aligned with its stringent internal criteria for grade, cost, and development timelines. Consequently, the company is redirecting its efforts to other high-grade mining projects in Tanzania and South Africa.
Marula Mining will concentrate on the Kinusi Copper Mine in Tanzania, where initial copper sales are projected to begin by December 31, 2024. The site has been independently assessed to potentially contain a 10-15 million tonne deposit of high-grade copper, gold, and other base metals. This information was first disclosed on August 18, 2023. Additionally, the company is conducting technical due diligence on copper mining and processing opportunities in Kenya.
The Blesberg Lithium and Tantalum Mine in South Africa will become the company's principal focus for lithium mining and processing. Marula is in ongoing negotiations to establish a joint venture for commissioning a lithium acid leaching plant. Furthermore, the company is advancing technical reviews of two low-cost lithium brine projects in South Africa and Botswana.
Marula Mining has a broad portfolio of mining operations and development projects across Africa, including interests in South Africa, Kenya, Tanzania, and Zambia, with a strategic focus on battery metals. The company's shares are traded on the Aquis Stock Exchange in London and the A2X Markets in South Africa, with plans to extend trading to exchanges in Kenya and South Africa.
This update on the company's strategic direction is based on a press release statement from Marula Mining PLC.
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