Business / Companies
Meikles ventures into mining
06 Jun 2013 at 03:34hrs | Views
MEIKLES Limited will start mining operations next year after its investment vehicle, Meikles Resources obtained a special mining grant in the Midlands province, the group said yesterday.
The special grant allows the group to prospect for various minerals, including iron ore and chrome.
Meikles said it also had opportunities relating to gold and tantalite.
"We plan to have at least one mine in operation in 2014, said the company.
"We have signed a memorandum of understanding, which will shortly become a full shareholders agreement, with a substantial technical partner to pursue these opportunities, including the provision of necessary capital, skills and expertise in the mining."
The Zimbabwe Stock Exchange listed firm could not say much is needed to start the mine but indicated that the division will raise its own capital and will not be dependent on the group's financial resources.
The special grant allows the group to prospect for various minerals, including iron ore and chrome.
Meikles said it also had opportunities relating to gold and tantalite.
"We have signed a memorandum of understanding, which will shortly become a full shareholders agreement, with a substantial technical partner to pursue these opportunities, including the provision of necessary capital, skills and expertise in the mining."
The Zimbabwe Stock Exchange listed firm could not say much is needed to start the mine but indicated that the division will raise its own capital and will not be dependent on the group's financial resources.
Source - herald
