Formal registration of a new majority operator just locked in the next phase for a coal project sitting on over 19,000 hectares in Zimbabwe's Hwange district.
Muchesu coal project shakeup
Muchesu coal project shakeup
- Pacific Goal Investments grabbed 51% of Monaf Investments and runs operations.
- Contango Holdings keeps a 24% stake in the venture.
- A July 2024 deal originally handed control to Huo Investments.
- Huo later shifted all rights and its US$20 million facility over to PGI.
- Contango's guaranteed royalty floor sits at US$2 million annually.
- Fresh coke oven builds will ramp up metallurgical coal processing.
- PGI picked up the full US$20 million investment commitment from Huo.
- Muchesu spans the Karroo Mid-Zambezi coal basin area.
- Contango Holdings is a British-based natural resources outfit.
- Gordon Thompson chairs the board and flagged the operator alignment.
- CEO Daniel Dos Santos called it a meaningful partnership evolution.
- Huo still holds a 20.42% shareholding in Contango itself.
