CONGLOMERATE Meikles Limited says it is waiting for regulatory approval for its mining venture to acquire a controlling shareholding in gold mines in Matabeleland.

BUSINESS REPORTER

Last year, the conglomerate formed Meikles Centar Mining (MCM) to tap into the lucrative, but capital-intensive mining sector.

MCM is a joint venture with a foreign partner, Centar Mining, a Guernsey-based investment group created by former JP Morgan banker, Ian Hannam. Centar Mining has concessions in Afghanistan and Kazakhstan.

In a statement accompanying the group’s unaudited financial results for the year ended March 31 2014, Meikles chairman John Moxon said the acquisition of the stake would cost $3 million.

“Meikles Centar Mining is currently in the process of acquiring 51% shareholding in a group of gold mines in the Matabeleland area for a consideration of $3 million. We await regulatory approval for the transaction to be concluded,” Moxon said.

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Moxon said MCM has also purchased 75% equity in a company that owns a number of chrome claims on the Great Dyke.

“Proposals have been submitted to the ministry of Mines related to a significant chrome-related project, which include construction of a smelter to beneficiate both lumpy and alluvial ore. The project will cost in excess of $100 million,” Moxon said.

Moxon said the group had carried out limited exploration on an iron ore claim and the results were positive. He said the group was looking to its strategic partners “to provide finance and mining skills”.

Meikles also has interests in retail (TM Supermarkets, Meikles Mega Market and Meikles Stores, hospitality (Meikles Hotel and Victoria Falls Hotel) and agriculture (Tanganda Tea Company.

In the full year ended March 31, 2014, Meikles’ group revenue was 1,8% below the 2013 figures due to lower turnover in the retail and agricultural sectors.
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