MITHRA Metals expands global footprint with ambitious acquisition

MITHRA Metals, a prominent private investment firm based in the UAE, recently announced a strategic move that underscores its dedication to fostering global partnerships in the mining industry.

The firm has acquired 240,000 shares of ANS Exploration, headquartered in Toronto, Canada. This significant investment is in line with MITHRA Metals’ strategic outlook in identifying and engaging with promising mining companies worldwide, it said in a recent statement.

ANS Exploration will play a key role in MITHRA Metals’ portfolio, as it owns a 95 per cent stake in Altau Resources, which in turn owns a 100 per cent interest in the Daro and Zager licences, strategically located in the Arabian-Nubian Shield in Ethiopia.

The Daro and Zager licenses encompass vast geological terrains with significant potential for copper and gold-bearing deposits.

This acquisition provided ANS Exploration and now Mithra Metals, with a strong presence within the Tigray Province of the country and added to its exploration portfolio in the highly prospective Nubian Shield.

The Daro and Zager licenses, located in the Neoproterozoic rocks of the Arabian Nubian Shield encompassing approximately 600 square kilometres, are considered promising for gold and base metals exploration, particularly Volcanogenic Massive Sulphide (VMS) mineralisation. ANS Exploration, in an earlier statement had said it was reviewing historic data and utilising remote sensing imagery to identify potential VMS targets for exploration in the near future.

This strategic investment in ANS Exploration represents the firm’s proactive approach to identifying and collaborating with mining companies that exhibit promising growth prospects and align with its values of responsible and impactful investment.

An executive at MITHRA Metals, expressed enthusiasm about the acquisition, stating, “We are delighted to announce our investment in ANS Exploration. This partnership exemplifies our strategic vision for the future, as we seek to unlock the vast potential of the mining sector in Ethiopia and beyond. We believe that by investing in sustainable mining projects, we can drive positive economic and social impact while generating attractive returns for our stakeholders.”

This aligns with MITHRA Metals’ focus on investing in sustainable mining ventures with the potential for long-term growth and profitability.

MITHRA Metals’ commitment to the mining industry was further reinforced following its active participation in prestigious events such as the 121 Mining Investment and Mining INDABA 2024 held in Cape Town.

MITHRA Metals said it is dedicated to identifying and collaborating with mining companies that share its commitment to sustainable practices. The firm’s investment in ANS Exploration reflects its long-term strategic vision and commitment to driving responsible investments in the mining sector. The company prioritises decarbonisation strategies and responsible resource management in alignment with broader sustainability goals.

Additionally, it emphasises the significance of earning and upholding a ‘social licence to operate,’ recognising it as pivotal for the successful development of its projects.

MITHRA Metals, from its base in the UAE, has incorporated strategies that focus on the energy transition and precious metals exploration, development, and mining projects across the Middle East and Africa. These include both public and private opportunities. The strategic approach has been to customise transactions to suit the specific risks and opportunities of each situation.

Their strength lies in flexibility, enabling them to structure deals that accommodate the dynamic nature of the industries they engage with.