UAE-based investment firm Brimfell Investment Holdings has made an additional investment of £10m in multi-commodity resource development company African Consolidated Resources (ACR)

The investment raised the company’s stake in the miner to 28.6%, reported The Zimbabwe Mail.

ACR stated the funding will be employed towards the development of its $300m Pickstone-Peerless gold project.

Commenting on the alliance ACR chairman Roy Tucker said that the investment would aid the company in furthering its operations at some of its projects as well.

"We are pleased to welcome Brimfell Investment Holdings, and through them, RAK Resources as a major shareholder in the company.

"RAK Resources have an active investment programme for the resource sector in Africa," added Tucker.

The transaction makes Brimfell Investment the largest shareholder in ACR, followed by Williams De Broe and London Amsterdam Trust Co with respective ownership of 5% and 4.4%.