Minerals & miningSPV equityOpen for reservation

Penhalonga Gold Tailings Retreatment SPV

Penhalonga, Manicaland

Carbon-in-leach retreatment of historic tailings on a permitted Penhalonga claim. Low-strip, near-surface ounces with an MMCZ-registered export route and statutory royalty modelled in. USD-denominated SPV ring-fenced through the Tier-Two pooling vehicle.

ZIDA investment licence

Licensed (mining)

MMCZ export status

Registered exporter

Investment memo

The SPV acquires 70% of a permitted tailings retreatment operation over an estimated 180,000-tonne historic dump grading ~1.1 g/t. Process route is CIL with an existing 25 tph plant to be debottlenecked to 40 tph. Revenue is gold doré refined and exported through MMCZ at the prevailing London fix; statutory 5% gold royalty and the 0.875% MMCZ commission are modelled into the netback. RBZ export proceeds are subject t…

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