AUSTRALIAN Stock Exchange-listed Latitude Consolidated Ltd has entered into a binding agreement to acquire a 70% interest in the Mbeta Lithium Project in Gwanda.

Mbeta comprises 13 mineral claims with a combined area of 18-square kilometres and lies in gently-undulating, lightly cropped terrain with good access from Gwanda via tarmac and all-weather gravel roads, Latitude said yesterday.

The mineralised pegmatites and historic workings extend over 700 metres.

The district has seen minor historical lithium and tantalum mining and the project area is considered under-explored, yet highly prospective, for lithium and associated elements.

As part of the transaction, Latitude will complete a two-tranche share placement to raise a total of $3,45 million from sophisticated investors — $491 000 upfront and $2,95 million subject to shareholder approval.

Latitude is also continuing to assess a number of additional project acquisition opportunities within Africa targeting the battery-metals sector.

The acquisition comes on the back of interest in lithium, with a number of companies entering fray to mine the resource which is regarded as a game-changer in the industry.

Bikita Minerals is working on a programme to explore spodumene, the mineral used in the battery industry.

Australian-listed junior miner Prospect Resources also wants to establish a lithium plant at its Arcadia Lithium project.

In February, Zimbabwe Lithium Company and the Zimbabwe Mining Development Corporation entered into a joint venture agreement for the development of lithium tailings deposit at Kamativi Mine.

Toronto Stock Exchange-listed Chimata Gold Corporation has begun drilling at the Kamativi Lithium Tailings project.

Chimata is eyeing to acquire the Zimbabwe Lithium Company which has exclusive development rights for the Kamativi lithium tailings deposit at the Kamativi Tin Mine.

- Newsday