One of Zimbabwe’s largest financial institutions, CBZ Holdings, says it has invested a substantial US$254 million into the country’s mining sector — a bold commitment made in the face of perceived high sectoral risks and persistent capital shortages hobbling growth, Mining Zimbabwe can report.
By Rudairo Mapuranga
Speaking at the 2025 Chamber of Mines Annual Mining Conference and Exhibition last week, Group CEO Lawrence Nyazema proudly highlighted CBZ’s pivotal role in funding key mining projects — both greenfield and brownfield — including Dalaglio’s Pickstone and Eureka Mines, and the Karo Platinum project, which is preparing to list its second bond.
“US$254 million to be exact. We have not shied away from the so-called risk in the mining sector,” said Nyazema. “We are proud of our association with Dalaglio and the work we did to re-establish Eureka Mine. The same applies to Pickstone and Peerless.”
Nyazema also expressed CBZ’s confidence in greenfield investments, particularly the Karo Platinum Project, which recently launched a follow-up bond to raise additional capital after the success of its first US$36.8 million bond listed on the Victoria Falls Stock Exchange in 2022.
“We associated ourselves with Karo from the very first day,” Nyazema said. “And we look forward to those activities coming to life.”
His remarks come amid growing calls for Zimbabwe’s financial sector to play a more proactive role in addressing the mining industry’s long-standing funding gap. Several mining executives and government officials at the AGM noted that access to capital remains a critical challenge, especially for large-scale, long-gestation projects like platinum, coal, and lithium ventures.
Deputy Minister of Finance David Kudakwashe Mnangagwa earlier acknowledged that the mining sector lacks sufficient tailored fiscal and financial support, with calls mounting for government-backed incentives and targeted funding mechanisms.
Nyazema challenged his peers in the financial services industry — from banks to insurance and pension funds — to work collaboratively to unlock mining’s full potential.
“I’m proud to see over 10 CEOs from financial institutions here today. It gives me hope that we will get it right,” he said. “The entire financial services sector has to come together to deal with the funding challenge that has been thrown at us.”
Looking ahead, CBZ’s ambitions are even greater. Nyazema revealed that the bank hopes to scale up its mining sector exposure to US$1 billion in the coming years, a move he says will catalyse new mining activities and fuel Zimbabwe’s economic transformation.
“We dream of sponsoring a celebration event in 2026 or 2027 — an event where we honour all the new mines that would have come on stream: Karo, GDI, Three Cheers,” said Nyazema.
He concluded with a message of solidarity with Zimbabwe’s mining industry: “Where we did a quarter of a billion in the last few years, we want to do a billion in the next few years. We wish you well as an industry. Ours is to continue supporting you.”
CBZ’s stance underscores a growing sentiment that local capital markets must rise to the occasion, especially as global investors grow cautious and state financing remains constrained. As miners look to ramp up output and deliver beneficiation in line with Vision 2030, partnerships like those between CBZ and producers may prove essential in bridging Zimbabwe’s mining finance divide.