UK-based mineral resources investment company Cluff Africa has signed a term sheet with Zimbabwe sovereign wealth fund, Mutapa Investment Fund, to acquire a 45% interest in the Sandawana mining permits.
The agreement, marking the conclusion of due diligence, paves the way for Cluff Africa to initiate a reverse circulation drilling program immediately upon finalizing the deal with Mutapa, aimed at defining an inferred resource.
“We are pleased to have reached this pivotal point, from which we can now begin to develop what we believe to be a world-class, high-grade lithium resource, alongside our partner Mutapa,” said Algy Cluff, Chairperson and CEO of Cluff Africa.
Cluff emphasized the strategic synergy between the companies, stating, “Together, we can leverage our complementary strengths, resources, and expertise to achieve this shared goal and deliver enhanced value from this particularly exciting asset.”
He expressed anticipation for advancing the exploration program and unlocking significant value in this promising mining region.
Cluff Africa boasts a longstanding presence in Zimbabwe, having initially invested shortly after the country’s independence in 1980.
The company’s track record includes the discovery and ongoing operation of the Freda Rebecca gold mine, a testament to its commitment and success in Zimbabwe’s mining sector.
Algy Cluff acknowledged the professionalism and collaboration of Mutapa Investment Fund in the negotiation process, thanking Mr. Simba Chinyemba, CIO of Mutapa, and his team for their efficiency and partnership.
He also extended appreciation to Ambassador Christian Katsande and Ambassador Pete Vowles, along with their respective teams, for their valuable advice and support.
