MetalsGrove Mining experienced a significant 16% surge in shares on Monday December 11th following its announcement of a strategic agreement to purchase six contiguous and highly promising lithium-tin-tantalum claims in Zimbabwe.
Describing the acquisition as a pivotal and transformative opportunity, the company is set to acquire these claims for a sum of $60,000.
Notably, these claims are in close proximity to Zhejiang Huayou Cobalt’s Arcadia lithium mine, a globally significant lithium-producing operation with a capacity of up to 450,000 tonnes of lithium concentrate per year.
Spanning 510 hectares, these new claims encompass areas within the Arcturas and Beatrice projects. Recent rock chip samples from these sites have exhibited impressive grades, reaching up to 2.5% and 2.1% lithium, respectively.
Situated in proximity to Harare, these claims lie to the east and south of the capital, approximately 35km-55km away.
MetalsGrove is in the final stages of planning for an inaugural exploration campaign, slated to commence in the March quarter of 2024.
Following this announcement, the company’s stock soared to A$0.087 each, culminating in a market capitalization of A$3.03 million (approximately $2 million) on Monday.
Zimbabwe’s lithium industry has witnessed substantial growth over the last two years, driven by approximately $1 billion in investments from Chinese firms, including Zhejiang Huayou Cobalt, Sinomine Resource Group, Chengxin Lithium Group, and Yahua Group.
With these developments, the country has emerged as the world’s fifth-largest primary producer of lithium, a crucial component in the production of batteries for electric vehicles and high-tech devices.
