Gemfields, the operator of Kagem Mine in Zambia, has formed a joint venture (JV) with Mozambican company Mwiriti to explore gold over greenfield licences near the Montepuez Ruby Mining (MRM) JV operation in Mozambique
As reported in the Times of Zambia, Gemfields will hold 75 per cent and the Mozambique operation will hold the rest of the share of the new JV.
Gemfields will contribute its exploration and project development experience, along with appropriate financing, said the source.
Mwiriti is set to contribute six applications for mining concessions and six exploration licences for gold and assorted minerals, the source further added.
