HomeBusinessMeikles’ mine deal stalled

Meikles’ mine deal stalled

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MEIKLES Limited’s mining division, Meikles Centar Mining (MCM) is still waiting for regulatory approval for a $3 million transaction to acquire 51% equity from the Matabeleland mining firm, DGL Investments (Imviga).

MTHANDAZO NYONI
OWN CORRESPONDENT

The group recently announced late its intentions to venture into gold mining in Matabeleland through MCM after it signed a partnership agreement with a local firm DGL Investments to buy 51% equity in the company.

DGL Investments is a subsidiary of emerging gold producer, Duration Gold Limited based in Matabeleland and majority owned by Britain-based Clarity Capital.

However, in an interview with the Southern Eye Business, executive director, Mark Wood said the group was still waiting for regulatory approval for them to start the operations in the mine.

“We have not yet started operations because we are still waiting for regulatory approval for the transaction to be concluded.

“We are still in the process of making some finalisation and we would be done in a couple of days,” Wood said.

The group is also set to spend more than $100 million in a chrome mining project along the Great Dyke following approval of the proposal by the government.

The mining division purchased 75% equity in a company that owns chrome claims along the Great Dyke and they have already submitted proposals to the Mines and Mining Development ministry relating to a significant chrome project, which include construction of a smelter to beneficiate both lumpy and alluvial ore.

The operating businesses of Meikles Limited forms one of the leading retail and hotel groups in Zimbabwe comprising TM supermarkets which is the country’s largest supermarket chain; Meikles Hotels, Zimbabwe’s premier corporate, five-star hotel group; Tanganda Tea Company, the largest grower, packer and distributor of tea products in Zimbabwe and Thomas Meikle Stores, trading under the names of Meikles, Barbours and Greatermans.

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