Zimbabwe Lithium Company and the Zimbabwe Mining Development Corporation (ZMDC) have entered into a joint venture agreement for the development of lithium tailings deposit at Kamativi Mine.
BY BUSINESS REPORTER
According to the joint venture, Zimbabwe Lithium Company was granted exclusive development rights for lithium tailings deposit.
Zimbabwe Lithium Company managing director, John McTaggart said his company was pleased to have entered into a joint venture partnership with ZMDC, paying tribute to Mining and Development minister Winston Chitando, ZMDC and “all stakeholders that have worked with us to bring this project to its current stage.”
ZMDC board chairperson, David Murangari said both parties did their due diligence and was pleased that “our vision for the Kamativi tailings deposit is aligned”.
“We are also confident that the Zimbabwe Lithium Company is committed to the development of the sector and the country,” he said.
Heralded as the metal of the future, there has recently been particular excitement about the various lithium deposits in Zimbabwe. Kamativi comprises of an estimated 23 168 000 tonnes of historical tailings material on surface, which can be processed in a cost effective way.
The government sees the joint venture as an illustration of what can be achieved when the private sector and the government work together.
Chitando said Zimbabwe had a number of lithium projects underway and the government was working with producers and projects on firm milestones on value addition initiatives in the industry.
“In the interim, [we] welcome this partnership on the Kamativi dump, which will not only have a positive impact on the economy, but will also contribute to the critical mass required to commence value addition,” he said.
McTaggart expected drilling to start next month. Kamativi Tin Mines, a wholly owned subsidiary of ZMDC, closed operations in 1994 following the fall of tin prices on the world markets. Last year, the Mines and Mining Development ministry said exploration by government and Chinese
geologists showed the area had more lithium than tin.