Online Reporter
Nqobile Bhebhe
PACIFIC Goal Investments Private Limited (PGI), a unit of Hong Kong-based Pacific Goal Group with extensive mining and energy operations in Zimbabwe, has been officially registered as the operator of the Muchesu coal project in Binga following approval by the Reserve Bank of Zimbabwe (RBZ).
The development marks a major milestone in the restructuring of one of Zimbabwe’s most strategically positioned coal assets, located in Matabeleland North Province, a region increasingly emerging as a critical hub in the country’s mining-to-energy value chain.
The Muchesu coal project, with a resource exceeding two billion tonnes, is viewed as a potentially transformative industrial anchor for Matabeleland North, with expected ripple effects on employment, infrastructure development and downstream industries such as power generation and mineral processing.
“Contango Holdings Plc, a company focused on unlocking value from the +2 billion tonne Muchesu coal project in Zimbabwe, is pleased to advise the completion of registration with the Reserve Bank of Zimbabwe for the transfer of 51 percent ownership of Monaf Investments (Private) Limited from Contango to Pacific Goal Investments Private Limited. PGI has also now been registered as the operator of the Project.”
According to the revised ownership structure of Monaf Investments (Private) Limited, the 100 percent owner of Muchesu, PGI now holds 51 percent, Contango retains 24 percent, Lilyone Investments has 6,5 percent, while local minority shareholders account for 18,5 percent.
PGI’s involvement brings significant industrial depth to the project.
“As previously reported, PGI forms part of the Pacific Goal Group, a Hong Kong-based industrial group with extensive mining and energy operations in Zimbabwe, including a major mine-to-energy industrial park, incorporating two power stations, a graphite processing plant and a nickel smelter.
“PGI is co-owned by Mr Wencai Huo, the Company’s 20,42 percent shareholder, and Mr Liu Jun.”
Beyond ownership changes, the project is regarded as strategically important to both provincial and national economic objectives.
