BREAKING: Kuvimba Signs Over US$300 Million BOT Agreement with a Chinese Firm
Kuvimba Mining House (KMH), owned by the country’s sovereign wealth fund, Mutapa Investment Fund, has entered into a significant Build, Operate, and Transfer (BOT) agreement with a Chinese consortium worth US$310 million for the Sandawana Lithium Project.
By Rudairo Mapuranga
The US$310 million deal, valid for six years, aims to establish a state-of-the-art processing plant with a capacity of 3 million tonnes per year at Sandawana Lithium Mine. This facility is projected to generate an annual revenue of $600 million.
According to KMH Group CEO Trevor Barnard, the plant is expected to be operational within 18 months. Plans for a second plant are also in the pipeline, contingent on the results of ongoing exploration activities.
“The financing for the first plant will be around $310 million, to be disbursed over the next 18 months. The loan will be repaid during the BOT period. We are thrilled to establish these groundbreaking agreements with international entities. Kuvimba Mining House is poised to become a world-class lithium processing company, with a strong competitive edge in marketing high-quality lithium concentrate,” said Barnard.
“The growing trust and confidence in the Zimbabwean minerals sector by a broad spectrum of investors is encouraging. We are committed to a transparent, accountable partnership and efficient management of our local resources,” he concluded.