tawandamusarurwa
Online Reporter
Zimbabwe-focused gold producer Caledonia Mining Corporation has acquired Motapa Mining, as it continues to grow its footprint in the country.
Motapa Mining has a registered mining lease over exploration property in Southern Zimbabwe, adjacent to Caledonia’s Bilboes gold project.
The transaction price was, however, not disclosed, but it was below the regulatory disclosure threshold, said Caledonia.
“We are pleased to have concluded the purchase of Motapa. Given its large scale, excellent geological prospectivity and its strategic location adjacent to Bilboes, Motapa was a high-priority acquisition for Caledonia,” said Caledonia CEO Mr Mark Learmonth.
“We look forward to developing an exploration programme for Motapa as we target a large-scale gold belt surrounding the Bilboes project.”
According to Caledonia, the Motapa asset has been mined throughout most of the second half of the 20th century, and the company understands that the region has produced as much as 300 000 ounces of gold.
Bongani Ndlovu
Online Reporter