Kavango Resources plc says its long-delayed acquisition of the Nara Gold Project in Zimbabwe is now nearing completion, marking a potential breakthrough after months of regulatory and administrative setbacks, Mining Zimbabwe can report.
By Ryan Chigoche
The Victoria Falls Stock Exchange-listed miner confirmed it has signed a Deed of Variation (DoV) with the seller, clarifying the final steps required to conclude the transaction under the original call option agreement signed in June 2023.
Kavango exercised the option in July 2025 to acquire 100% of the 45-claim project, but completion has repeatedly slipped as the parties worked through Zimbabwe’s mining title transfer requirements.
The process, which requires approval from the Mining Commissioner and verification that each claim complies with statutory obligations such as fees, minimum work requirements, and environmental standards, pushed initial deadlines from December 2025 to February 2026, then into March, before being left open-ended.
In an update on the transaction, the company said it has now resolved key outstanding issues around the structure and execution of the deal, signalling that completion is close.
“…Kavango and the Seller have signed a Deed of Variation in respect of the call option agreement dated 23 June 2023, to address the mechanics of completion, which we anticipate occurring shortly. Kavango has transferred the balance of the consideration into an escrow account to be transferred to the Seller upon completion of the final documentation.
The parties are currently discussing the possible sale and purchase of the operating company, Romjack Mining (Pvt) Ltd, so that Kavango can seamlessly continue the current operations at Nara,” the company said.
Executive Chairman and Interim CEO Peter Wynter Bee said the company is positioning itself to integrate the asset into its broader Zimbabwean portfolio.
“We are excited to be embarking on the Nara project. The Company is committed to building upon the success of the Nara Gold Project for the benefit of its shareholders and the local community,” he said.
He added that Kavango is evaluating the co-location of its exploration team to improve efficiency and support development across its projects.
For a multi-claim asset like Nara, the administrative burden has proven significant, reflecting wider capacity constraints within the system.
Kavango has consistently maintained that both parties remain committed to closing the transaction. The latest update suggests the deal is now entering its final phase, with the company confirming it has placed the remaining purchase consideration into an escrow account, to be released once final documentation is completed.
The Nara acquisition is central to Kavango’s strategy to transition into a gold producer, providing near-term cash flow to underpin its wider exploration portfolio. The prolonged delays have also underscored the extent to which administrative processes in Zimbabwe can influence deal timelines, even where commercial terms are already agreed.
