Zimbabwe's state-owned miner, Kuvimba Mining House Ltd., is planning to raise $950 million to develop its lithium, platinum, and gold assets. The company is seeking funding from development banks, mining companies, and traders.
Zimbabwe 's state-owned miner, Kuvimba Mining House Ltd. , is preparing to launch a new initiative to revitalize various projects, a year after the government assumed complete control of the company. Under the leadership of its newly appointed chief executive officer, Trevor Barnard, Kuvimba aims to secure $950 million from development banks , mining companies, and traders to develop its lithium, platinum, and gold assets.
Barnard expressed optimism about the company's prospects in an interview, stating that access to major development banks, funding sources, and prominent traders has significantly improved since the ownership structure changed. He emphasized that this shift has proven to be highly beneficial for Kuvimba. Previous attempts to raise funds encountered obstacles due to uncertainties surrounding the identities of private investors who held approximately a third of the company. Prior endeavors to conduct an initial public offering and form a partnership with Russian investors were ultimately abandoned.Tagwirei, a former advisor to Zimbabwe's President Emmerson Mnangagwa, has faced sanctions from the United States and the United Kingdom for alleged corruption. However, Kuvimba has consistently denied any ownership stake by Tagwirei. The majority of the funds raised, over half, will be allocated towards the development of an underground platinum mine at the long-delayed Darwendale project, according to Barnard, who assumed his role in December. A lithium project, estimated to cost up to $275 million, could be developed more quickly. The company has entered into a lithium joint venture with Chinese mining firms and plans to finalize the agreement by March before proceeding with the first phase of the project known as Sandawana. Barnard stated that production, which is expected to reach 500,000 tons of lithium concentrate annually, could commence approximately 15 months after signing the deal. The Chinese partners will finance the project and transfer ownership back to Kuvimba upon repayment of the loan, a process estimated to take less than five years.
Kuvimba Mining House Ltd. Zimbabwe Lithium Platinum Gold Mining Development Banks Investment
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