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Cluff Africa agrees to develop Zimbabwe lithium mine

Industry veteran Algy Cluff has previously invested in Zimbabwe’s gold sector, but is best known for his North Sea oil and gas company Cluff Natural Resources Plc — now Deltic Energy Plc.

Cluff Africa signed a non-binding agreement with Zimbabwe’s sovereign wealth fund to develop a lithium mine in the southern African country.

Cluff will be assigned a 45% share of licenses at Sandawana, founder Algy Cluff said in an emailed statement, without disclosing financial terms.

Zimbabwe is seeking to attract investors after lithium prices steadied following a boom-to-bust period that left an array of stalled projects, scrapped deals and production cuts. State miner Kuvimba Resources has said it’s identified a lithium ore resource of 38 million tons at Sandawana in the country’s south.

“We can now begin to develop what we believe to be a world-class, high-grade lithium resource,” Cluff said. The company will start a drilling program as soon as it has signed a final agreement with the wealth fund, it said, without giving a timeframe.

Industry veteran Algy Cluff has previously invested in Zimbabwe’s gold sector, but is best known for his North Sea oil and gas company Cluff Natural Resources Plc — now Deltic Energy Plc.

Zimbabwe’s wealth fund also holds gold, nickel and platinum mines. Calls to the fund went unanswered. – (New Zimbabwe)

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