Centar ‒ a company founded by former JPMorgan Chase & Company merger adviser Ian Hannam ‒ has won regulatory permission to mine in Zimbabwe in a venture with local company Meikles Limited.
“Approval from the Competition and Tariff Commission was received last month,” Andrew Lane-Mitchell, company secretary for locally-based Meikles, was quoted as saying in a written response from Bloomberg News. “The venture will be established by the end of March,” he said.
“The two mining ventures will be concluded by the group’s financial year-end,” Lane-Mitchell added. “At this stage we cannot comment any further,” he continued, without specifying what the company will be mining.
Centar, based in Guernsey, was founded in 2011 to mine gold in Afghanistan. Hannam, who advised on the combination of Xstrata plc and Glencore International plc, left JPMorgan last year.
JPMorgan’s chairman of equity capital markets, Hannam stepped down in April 2012 to appeal a decision by the U.K.’s Financial Services Authority to fine him US$721,000 for market abuse. He e-mailed a potential customer in 2008 with details of a bid for his client Heritage Oil plc, as well as news of an oil find, the FSA said. Hannam responded in a statement at the time that he would appeal and planned to continue his financial career after the dispute was over.
Zimbabwe has the world’s second-biggest reserves of platinum and chrome, as well as deposits of coal, gold, iron ore and nickel.
Meikles runs hotels and supermarkets.
Source: Bloomberg News. For more information, click here.