Zimbabwe Seeks $950m to Revive Mining Operations

Zimbabwe’s state miner, Kuvimba Mining House, plans an ambitious $950 million fundraise to revive its mining projects a year after the government assumed full control. Under CEO Trevor Barnard, the company is targeting development banks, mining companies, and traders to develop its lithium, platinum, and gold assets.

Barnard highlighted the newfound access to major financiers, thanks to shifts in the company’s ownership structure. Formerly, private investors’ undisclosed identities had always cast doubt, impeding funding and leading to the abandonment of past IPO and Russian venture efforts.

Kuvimba's assets were previously linked to Kudakwashe Tagwirei, a businessman with political ties and sanctions from the US and UK for alleged corruption. However, Kuvimba has steadily refuted claims of Tagwirei's stake in the company.

The planned $950 million will predominantly fund the Darwendale platinum mine, an entrancing yet delayed project. Barnard, who joined in December, revealed that a $275 million lithium project might progress quicker. A partnership with Chinese firms will initiate the Sandawana lithium venture.

Kuvimba’s ambition doesn’t stop at Sandawana’s first phase. Discussions with investors like Cluff Africa Ltd. and an anonymous European trader hint at further expansions. Meanwhile, the company eyes a smaller open-pit operation at Darwendale while negotiating for larger facilities.

Currently, Kuvimba is majorly owned by Mutapa Investment Fund—the state sovereign wealth fund, alongside entities from the finance ministry, such as state pensions and utilities. As Zimbabwe holds Africa’s largest lithium and second-largest platinum reserves, the revitalization of Kuvimba could significantly impact the mining sector.