The former head of South Africa’s National Treasury - DondoMogajane has been tasked with cleaning up a scandal-dogged company that’s contemplating partnering a Chinese battery maker in a $1 billion lithium operation. Moneyweb LithiumScandal
The former head of South Africa’s National Treasury has been tasked with cleaning up a scandal-dogged company that’s contemplating partnering a Chinese battery maker in a $1 billion lithium operation. Dondo Mogajane aims to restructure and improve compliance at Johannesburg’s Moti Group. Founder Zunaid Moti told Bloomberg his reputation is hindering the fortunes of a company that has a venture with Anglo American Platinum Ltd., chrome and lithium assets and property development businesses.
An initial mining operation may lead to the establishment of a battery factory at a cost of more than $1 billion. The Moti group plans to retain 30% of the venture. The deal will be a “game-changer” for Zimbabwe, he said. “We are negotiating with a well known electric-vehicle battery-manufacturing company, with clients that range from Tesla to BMW,” he said, declining to identify the firm because of confidentiality agreements.
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