Cluff Africa Ltd. has entered into a non-binding agreement with Zimbabwe’s sovereign wealth fund to develop a Lithium mine in the southern African nation. According to Cluff Africa’s founder, Algy Cluff, the company will secure a 45% stake in the Sandawana project. However, the parties did not disclose the financial details of the deal.
Reviving Zimbabwe’s Lithium Market
Zimbabwe, following a turbulent period for Lithium prices and keen to rejuvenate its mining sector, is actively courting investors. The dramatic rise and subsequent fall have caused volatility that led to numerous stalled projects, abandoned deals, and reduced production. State-owned Kuvimba Resources Ltd. has reported discovering a Lithium Ore reserve of 38 million tons at Sandawana mine in southern Zimbabwe. This discovery is part of the broader trend in Zimbabwe’s Lithium mines, which are gaining attention due to their potential in the battery metals sector.Â
Cluff Africa Ltd. Lithium Venture
“We can now begin to develop what we believe to be a world-class, high-grade Lithium resource” Cluff stated. The company plans to initiate a drilling program as soon as it signs a final agreement with the wealth fund, though it did not communicate any specific timeline. For those asking, where is Lithium mined in Zimbabwe? the Sandawana project is a key site in this regard.
Algy Cluff, founder of Cluff Africa Ltd. who previously invested in Zimbabwe’s gold sector, is notably popular for his involvement with Cluff Natural Resources Plc, now Deltic Energy Plc, in the North Sea oil and gas sector. Zimbabwe’s sovereign wealth fund also holds interests in nickel, gold, and platinum mines. All attempts to reach representatives of the fund for comments or further details went unanswered.
