South African tycoon Zunaid Moti counters investigation into Zimbabwean lithium mine, cites valuation up to $1.4 billion

South African entrepreneur Zunaid Moti is pushing back against allegations from the Organized Crime and Corruption Reporting Project (OCCRP) and investigative outlet amaBhungane, which claimed that his Zimbabwean lithium project holds little economic value.

The reports insinuated that Moti’s company, Moti Group, lured a Chinese investor into backing the lithium venture despite knowing the mine had limited potential. It was also revealed that Yibin Tianyi Lithium Industry Co., the Chinese investor in question, withdrew from their partnership with Pulserate Investments over operational concerns.

In a press statement, Moti rejected the findings, stating that his firm conducted rigorous due diligence. He noted that Pei Zhenhua, the owner of the Chinese company, is one of China’s most successful entrepreneurs.

According to Moti, Tianyi brought their legal and geological teams to the site in Mashonaland East province to conduct their own assessment. He also said that the Chinese company remains a minority shareholder, a testament to their ongoing faith in the venture.

An ally of Zimbabwean President Emmerson Mnangagwa, Moti is a key player in the country’s burgeoning lithium market, a mineral critical to electric vehicle batteries. Moti’s group believes its mining activities will significantly benefit Zimbabwe’s economy.
The businessman also refuted the investigation’s allegations about Pulserate Investments’ output, claiming it has the potential for more than $1 billion in annual revenues and a valuation of up to $1.4 billion.

Moti Group CEO Dondo Mogajane underscored the firm’s commitment to the project. “Despite the misleading narrative from amaBhungane, we are fully committed to the venture and will be investing our own capital. It would be absurd for a company of our stature to engage in a project that we didn’t deem financially viable,” he stated.

Moti, one of South Africa’s most controversial entrepreneurs, is the founder of Moti Group. He stepped down from running the company’s affairs in March this year over numerous fraud allegations.