Contango Holdings Advances Zimbabwe Coal Project

Contango Holdings Plc (GB:CGO) has released an update.

Contango Holdings Plc has announced significant operational progress at its Muchesu coal project in Zimbabwe, including the expansion of its open pit and installation of a new Dense Media Separation plant, expected to be operational by October 2024. These developments come alongside a financial report detailing an advance payment of US$1,000,000 against subscription shares and expected royalty payments from a strategic investor that could exceed US$2,000,000 annually. The company’s CEO, Carl Esprey, expressed optimism about the project’s future production and royalty income.

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