Pacific Goal Investments Private Limited takes control of Muchesu Mine in Binga

Pacific Goal Investments Private Limited will acquire majority ownership of Muchesu Mine in Binga after modifications to the original purchase contract. The Zimbabwe investment entity, equally controlled by Wencai Huo and Liu Jun, takes a 51 percent stake in the coal operation through revised documentation submitted to the Central Bank. The Hong Kong conglomerate operates logistics fleets exceeding 200 trucks while developing power stations and mineral processing facilities across the nation. Contango retains 24 percent, while Lilyone Investments holds 6.5 percent, and local minority investors maintain 18.5 percent under the new structure.

Pacific Goal assumes a $20 million revolving credit facility that ranks equally with Contango’s approximately $20 million in debt. Mineral royalties remain at $2 per ton for thermal coal, $4 for industrial grades, and $8 for coking varieties with a $2 million annual minimum. The investor paid $1 million in the first half of 2025 and will remit another $1 million this quarter. Construction advances continue at the operation considered vital to extracting value from national coal reserves and supporting downstream energy development.