• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Uncategorized

Zimbabwe’s $1bn lithium plan faces setback as Chinese partner cuts stake

2 years ago
in Uncategorized
1 min read
0 0
0
81
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Africa Private Investment Nearly Doubles to $3bn on Mega Deals

Kumasi High Court Dismisses Compensation Suit by 500 Former AngloGold Ashanti Workers

Key Battles to Watch in Fluminense vs. Chelsea FIFA Club World Cup Semi-Final

Zimbabwe’s $1bn lithium plan faces setback as Chinese partner cuts stake

South Africa’s Moti Group said a Chinese company with which it planned to develop a $1 billion lithium processing plant in Zimbabwe was halving its stake in the venture, dealing the project a potential blow.

Moti Group’s Pulserate Investments holds a 10,000 hectare (24,710-acre) lithium exploration concession in the northeast of the country, Africa’s biggest producer of the metal according to the US Geological Survey. Earlier this year Moti said it planned to have the Chinese company, which it didn’t identify, increase its stake in Pulserate to 70% and apply for an exemption to Zimbabwe’s ban on lithium ore exports while establishing a battery factory.

The company, “one of the largest Chinese battery manufacturers,” has instead exercised an option to cut its stake to 10% from 20%, Dondo Mogajane, Moti’s chief executive officer, said in a response to queries. Pulserate “is adjusting its plans in line with the changes introduced by the Zimbabwean government regarding lithium mining and processing conditionalities,” he said.

The decision is a setback to Zimbabwe’s plans to develop an industry that will process the metal, which is crucial to the battery storage and electric vehicle industries. Since the ban was announced in December, stockpiles of the material have built up at mines in the country and smuggling of the ore has increased.

Moti, which runs a platinum extraction business in South Africa, will now need to find another partner or raise the money itself to build a processing facility.

Mogajane is a former director general of South Africa’s National Treasury who has been tasked with restructuring the Moti Group as its founder, Zunaid Moti, steps back from active management.

Moti has been tied to a number of scandals and told Bloomberg this year that his reputation was hindering the company’s progress. He spent five months in a German jail in 2018 and 2019 after being arrested on an Interpol diffusion notice issued by Russia in connection with the alleged theft of a pink diamond. In 2012, he was charged with conspiracy to commit murder before the case was thrown out of court.

He is no longer subject to a notice from Interpol and said he was arrested improperly on bogus charges engineered by a disgruntled businessman.

Mogajane is the chairman of South Africa’s Government Employees Pension Fund, which has 2.3 trillion rand ($128 billion) under management. He’s also a board member at the New Development Bank, a multilateral lender founded by the BRICS group of countries.

Tags: lithiumZimbabweZimbabwe’s $1bn lithium plan faces setback as Chinese partner cuts stake
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.