By 
By Ross Moyo
The Zimbabwe government has okayed a partnership that will see a partnership to prospect and explore for lithium and pegmatite minerals on 52 600 hectares in Goromonzi, Mashonaland East Province.
Confirming this development, Dr Jenfan Muswere, the Minister of Information, Publicity and Broadcasting Services, in a cabinet briefing said this partnership proposal was presented by Professor Mthuli Ncube, who is Minister of Finance, Economic Development and Investment Promotion.
“Cabinet considered and approved the proposed partnership between the Mining Promotion Corporation and Prospect Brooke Resources (Pvt) Ltd to conduct exploration and mine development over Arcturus Exclusive Prospecting order number 1842,” said Dr Muswere.
“The joint venture seeks to prospect and explore for lithium and pegmatite minerals on 52 600 hectares in Goromonzi, Mashonaland East Province. Prospect Brooke Resources is a Zimbabwean-based private company incorporated in terms of the Companies and Other Business Entities Act.”
Government will be guaranteed 30% of the proceeds in line with the policy on public-private partnerships where the Government can work with private enterprise, usually committing assets against the investment funds required to use those assets. In this case it is an exclusive prospecting order over 52 600ha of Goromonzi.
“In terms of the agreement, a special purpose vehicle, the MPC JV, will be established in which Prospect Brooke Resources shall hold 70 percent shareholding and the Mining Promotion Corporation 30 percent at the exploration stage.
“Prospect Brooke Resources will mobilise the entire amount required for exploration, and Mining Promotion Corporation is not expected to make any financial contribution towards this stage.”
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