VICTORIA Falls Stock Exchange-listed Caledonia Mining Corporation has bought Motapa Mining Company UK, whose gold claims sit next to Bilboes in southern Zimbabwe.
Caledonia has already agreed a deal to buy Bilboes which made Motapa claims a “high priority”.
The miner, which also owns Blanket Mine near Gwanda, bought Motapa from Bulawayo Mining Company, a unit of the London-registered Metallon Corporation which owns How Mine near Bulawayo.
The purchase price is undisclosed but is below the regulatory disclosure threshold, the mining firm said on Wednesday.
Commenting on the acquisition, Caledonia chief executive officer Mark Learmonth, said they were 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,” he said.
American Corporation, Bilboes is a large, high-grade gold deposit located about 75km north of Bulawayo. Bilboes Gold is owned by Toziyana Resources which controls 50% shareholding, Baker Steel Resources Trust (24%) and Infinite Treasure with 26% stake.Upon successful completion of the transaction, Victor Gapare, a prominent Zimbabwean mining entrepreneur, who controls Toziyana Resources, will be appointed executive director of Caledonia. – NewsDay
