The analysts noted that Motapa is considered by Caledonia as being "strategically important to the company’s growth ambitions, given its potential scale and its location immediately adjacent to the potentially transformative Bilboes project"
Motapa was formerly owned and explored by Anglo American Zimbabwe and is situated 75 kilometres north of Bulawayo
Proactive Investors- Analysts at Liberum Capital repeated a 'buy' rating and 1,319p price target on Caledonia mining Corporation PLC following news the firm has purchased the highly prospective Motapa gold exploration project in Zimbabwe for an undisclosed price.
Investopedia defines a buy rating, also known as a strong buy, as an investment analyst's recommendation to buy a stock or security. Analysts make recommendations based on a rating scale that includes buy, outperform, hold, underperform, and sell.
The analysts noted that Motapa is considered by Caledonia as being "strategically important to the company’s growth ambitions, given its potential scale and its location immediately adjacent to the potentially transformative Bilboes project", which Caledonia conditionally agreed to acquire in July 2022.
Motapa was formerly owned and explored by Anglo American Zimbabwe and is situated 75 kilometres north of Bulawayo with a mining lease covering approximately 2,200 hectares.
Historical mining in the region has produced as much as 300,000 ounces of gold, Caledonia said in a statement on Wednesday, noting that the workings will be a guide for future exploration.
Mark Learmonth, Caledonia’s chief executive, commented: "We are pleased to have concluded the purchase of Motapa. Given its large scale, excellent geological prospectivity and its strategic location adjacent to Bilboes, Motapa was a high-priority acquisition for Caledonia."
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