Zimbabwe’s state-owned miner, Kuvimba Mining House (KMH), is gearing up for a new round of financing to revitalize several key mining projects, just a year after the government took full control of the company through the Mutapa Investment Fund, the country’s sovereign wealth fund, Mining Zimbabwe can report.
By Rudairo Mapuranga
Under the leadership of GCEO Trevor Barnard, Kuvimba is seeking to raise US$950 million from development banks, mining companies, and international traders. This funding will support the development of lithium, platinum, and gold assets, Barnard said in an interview.
“Access to all the large development banks, to all the funding, to all the major traders has just opened up,” said Barnard, praising the company’s change in ownership structure. He noted that the restructuring has significantly boosted Kuvimba’s credibility and ability to attract investment.
A major portion of the capital—more than half—will be directed toward building an underground platinum mine at the long-delayed Darwendale project. Barnard, who assumed the CEO role in December, emphasized the importance of this platinum project but also pointed out that a US$275 million lithium venture may come online sooner due to faster development timelines.
Kuvimba has already secured a joint venture with Chinese mining companies to develop its lithium assets, with plans to finalize the deal by March 2025. The first phase of the project, known as Sandawana, will commence production within 15 months of signing, eventually producing 500,000 tons of lithium concentrate annually. The Chinese partners will finance the development and hand over the project to Kuvimba once the loan is repaid, a process expected to take less than five years.
Barnard also revealed that the company is exploring further development of the Sandawana area and has already attracted interest from international investors, including Cluff Africa Ltd. and a major European commodity trader. Additional Chinese investors have expressed interest, and a deal could be finalized within six to 12 months.
In terms of platinum, Kuvimba is planning to begin with a smaller open-pit mine at the Darwendale deposit this year. The open-pit project will require an investment of about US$50 million, with the company intending to partner with another miner to process the extracted ore. Simultaneously, Kuvimba is in discussions with development banks for loans to finance the larger underground platinum mine and processing facilities, which are expected to be operational within the next three years.
Zimbabwe boasts the world’s second-largest platinum reserves after South Africa and has emerged as Africa’s leading lithium producer, positioning Kuvimba as a key player in the country’s mining sector. The company is now 70% owned by the Mutapa Investment Fund, with the remaining shares held by entities controlled by the Ministry of Finance, including state pension funds, power utilities, and a deposit insurance fund.
This ambitious fundraising initiative marks a significant step forward for Kuvimba as it seeks to unlock the potential of Zimbabwe’s vast mineral wealth and contribute to the country’s economic growth.
