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Matodzi Resources Ltd
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Legal residence:South Africa
Organization type:Other business entity
Funding agencies: Other
Sectors: Industry, Commerce & Services, Mining
Status:
Active
About
Matodzi holds a diversified portfolio of mineral rights that have potential for a variety of commodities, including diamonds, gold, coal, base metals and industrial minerals. Whilst the majority of the mineral rights are considered as early stage exploration plays, certain of the rights have been previously exploited, such as those rights that form part of the Witwatersrand Nigel Gold Mine in the Heidelberg area, which ceased operations in
the 1980’s. Alluvial mining operations are currently in progress on one of the properties in which Matodzi, through its subsidiary Brakfontein Diamante (Pty) Limited, enjoys a royalty.
The mineral rights portfolio is held either directly by Matodzi (Witwatersrand Nigel Limited and New Mining Corporation Limited), or through its wholly owned subsidiaries, namely Consolidated Resources and Exploration Limited ("Corex") and Brakfontein Diamante (Pty) Limited, with the majority of the rights residing with Corex.
MINERAL RIGHTS HELD BY
MATODZI
By virtue successive name changesfrom Witwatersrand Nigel Limited to New Mining Corporation Limited (20 January 1999), and one from New Mining Corporation Limited to Matodzi Resources Limited (04 November 2002), Matodzi holds title to a substantial portfolio of mineral rights in the form of title deeds, mynpachten and precious metal claims in the Heidelberg area. Many of these rights comprise the now defunct Witwatersrand
Nigel Limited Gold Mine, where the historical mining operations focused on the exploitation of the Nigel Reef.
Furthermore, the majority of these rights were the subject of a verification process initiated by the Ministry of Mines and Energy towards the end of 2002.
The mineral rights, as summarised in Annexure A, host potential for both the Nigel Reef and the Kimberley (May) Reef, albeit that these reef horizons are considered to be of a distal nature with the associated gold grades being erratic, and occurring largely within well constrained areas of
channelisation.
As a result of an Option Agreement concluded with Covenant Mining Limited, and subsequent renewals thereof, the majority of the rights alluded to in Annexure A will revert to Covenant Mining Limited should the current Option Agreement be exercised.
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