ASX-listed Latitude Consolidated has entered into a binding agreement to acquire a majority interest in the Mbeta lithium – tantalum project from Zimbabwean national Robert David Hutchings. 

The project was introduced to Latitude by Klaus Eckhof and Mark Gasson who will receive part of the share consideration. Both Eckhof and Gasson are also assisting the company to identify further project acquisition opportunities in southern and eastern Africa.

Eckhof will also be appointed as a non-executive director following the receipt of shareholder approval for the acquisition.

As part of the transaction, Latitude will complete a two-tranche share placement of which A$491 000 is upfront under the 15% capacity and A$2.95 million is subject to shareholder approval raising a total of A$3.45 million to sophisticated investors. DJ Carmichael Pty Limited is acting as lead manager for the placement.