Zimbabwe’s state-owned mining company, Kuvimba Mining House Ltd., is preparing to launch a major funding drive to develop its lithium, platinum, and gold assets.
The move comes a year after the Zimbabwean government assumed full control of the company, which has faced challenges in securing financing in the past.
Under the leadership of new CEO Trevor Barnard, Kuvimba is targeting development banks, mining firms, and commodity traders to raise $950 million.
Barnard, who took office in 2024, expressed optimism about the company’s improved prospects, citing increased access to international financiers and traders.
“The change in ownership structure has been a very positive move for Kuvimba,” Barnard said in an interview. “Access to large development banks, funding, and major traders has opened up significantly.”
Key projects and funding plans
The bulk of the funding—more than $500 million—will be directed toward developing an underground platinum mine at the long-delayed Darwendale project.
The company also plans to start a smaller open-pit mine at Darwendale this year, with an estimated cost of $50 million.
In addition to platinum, Kuvimba is advancing its lithium projects. The company has agreed to a joint venture with Chinese mining firms to develop the Sandawana lithium project, with the deal expected to be finalized by March.
The first phase of the project is projected to produce 500,000 tons of lithium concentrate annually within 15 months of signing. The Chinese partners will finance the project and transfer ownership back to Kuvimba once the loan is repaid, a process expected to take less than five years.
Kuvimba is also exploring a second phase at Sandawana, with interest from potential investors, including Cluff Africa Ltd. and a major European commodity trader. Barnard indicated that a deal could be signed within six to 12 months.
Seeking strategic partnerships
Kuvimba is in discussions with development banks to secure loans for the larger underground platinum mine and processing facilities at Darwendale, with production targeted to begin within three years.
The company is now 70% owned by the Mutapa Investment Fund, Zimbabwe’s sovereign wealth fund, with the remaining stake held by entities under the finance ministry, including state pension funds, power utilities, and a deposit insurance fund.
Zimbabwe holds the world’s second-largest platinum reserves after South Africa and is Africa’s top lithium producer.
Current investment in Zimbabwe’s mining sector
Caledonia Mining Corporation had previously announced plans to invest an additional $41.8 million to expand its mining operations in Zimbabwe.
Of the total capital expenditure, $34.9 million will be allocated to Blanket Mine to support ongoing expansion and modernization efforts.
An additional $5.8 million will be directed towards advancing the Bilboes and Motapa projects—key assets that Caledonia acquired in recent years as part of its diversification strategy beyond Blanket Mine.
