Meikles to expand footprint in mining

Published: 21 February 2014

Meikles Limited is set to expand its footprint into the mining sector after it announced that it had concluded a chrome opportunity and had identified its first gold project.

Well placed sources say Meikles through its partnership with Centar Mining will be involved in the export of chrome in a structure where they will pre-fund chrome miners, including small scale to produce the mineral.

The source also said the group was also on the verge of concluding a transaction in the gold mining sector with a medium sized mine in Bulawayo.

Executive director Mark Wood could neither confirm nor deny insisting that the group will issue a statement on February 26.

Meikles has said progress has been made in its mining venture projects as it is finalising its gold project and waiting for regulatory approvals to get into chrome mining.

Meikles said the group had progressed in its involvement in the mining sector since it entered an agreement last year with Centar Mining that wanted to invest $500 million into the listed firm.

"The first gold project has been identified and implementation is being finalised. A chrome opportunity has been concluded and is awaiting regulatory approvals. The group is working very closely with our partner, Centar, and has a vision to become a significant player in the mining sector," the report said.

The report stated that aggregate demand for the nine-month period ending December 2013 continued to fall as the liquidity situation remained constrained.

Meikles said the company was still engaging with the Reserve Bank and the Ministry of Finance to recover $89 million that has been held by the central bank on deposits.

- herald

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