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Namib Minerals lays groundwork for Mazowe revival

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Namib Minerals lays groundwork for Mazowe revival

Nasdaq Stock Exchange-listed mining giant, Namib Minerals, is laying the groundwork for a US$100 million investment at Mazowe Mine as part of its aggressive strategy to revive Zimbabwe’s forgotten gold assets and reposition the country on the global mining map, Namib Minerals CEO Ibrahim Sory Tall said in an exclusive interview with Mining Zimbabwe.

By Rudairo Mapuranga

Tall, who recently toured Mazowe Mine, confirmed that the capital expenditure will focus on reopening operations, rehabilitation, expanding production capacity, and conducting extensive exploration to double existing resources. However, he stressed that the company’s efforts hinge on strong collaboration with the Government of Zimbabwe, security agencies, and local stakeholders to tackle persistent illegal mining activities that may delay investment timelines and resource security.

“We have already done preliminary work and some assessments. Our capex is set at US$100 million for Mazowe. This will go into reopening the mine, expanding it, and exploration to grow our resource base. But illegal activity remains a serious blockage. We are in talks with the government and authorities to remove these challenges, and once resolved, we can deploy the investment immediately,” Tall said.

A Sleeping Giant of Zimbabwe’s Gold Belt

Mazowe Mine, located about 50km north of Harare, has historically been one of Zimbabwe’s most productive gold assets. Its closure, due to economic conditions that prevailed at the time, left a vacuum. Namib Minerals’ arrival marks a potential turning point, signalling renewed international interest in Zimbabwe’s dormant gold mines. The company’s plan to inject US$100 million is not just about reviving Mazowe but also about transforming it into a modern, world-class mining operation that integrates technology, safety, and sustainability.

The Elephant in the Room

During his visit, Tall acknowledged that illegal mining has long been a challenge across Zimbabwe’s gold sector and emphasised the need for a collective solution.

“Illegal mining activities are a reality in Mazowe and across the country, and they pose significant risks to safety, the environment, and the long-term value of these assets. Addressing this challenge requires collaboration between mining companies, government, security services, and local communities. At Namib Minerals, we are fully committed to working hand-in-hand with all stakeholders to restore order, protect the integrity of our operations, and ensure that Mazowe’s revival benefits the nation,” he said.

This reality is not unique to Mazowe. The Zimbabwe Miners Federation (ZMF) has repeatedly urged a structured approach where ASM can be formalised and integrated into the sector.

Namib Minerals’ Broader Zimbabwe Vision

Namib Minerals is not a speculative entrant. The company has already attracted attention globally by ringing the Nasdaq closing bell earlier this year, showcasing Zimbabwe at the heart of its portfolio. Its ambition is clear: revive gold mines and expand into green energy minerals such as copper, cobalt, and other rare earths.

Tall has said that Namib Minerals is targeting at least US$300 million in investments across multiple projects, including Redwing and Mazowe Mines. His visit to Mazowe underscores the company’s confidence in Zimbabwe’s untapped potential and marks the beginning of a decisive push to unlock it.

Namib Minerals’ approach is strategic:
· Reopen dormant mines with proven resources.
· Expand capacity through fresh exploration and capex.
· Align with Zimbabwe’s 2030 vision in which the country is expecting to become an upper-middle-income economy.

Government Engagement: Unlocking the Investment

Tall confirmed that Namib Minerals is in discussions with key arms of government, from the Ministry of Mines to local authorities, to pave the way for the smooth resumption of operations.

Zimbabwe has made investor protection a central talking point, with Mines Minister Winston Chitando repeatedly assuring that new players will be guaranteed security of tenure, transparent licensing, and support in dealing with legacy issues.

For Mazowe specifically, engagement will revolve around:
· Community engagement, ensuring all work takes community needs into account.
· Infrastructure rehabilitation.

If these elements align, Mazowe could rapidly transition back to production.

Why Mazowe Matters

Mazowe is not just another mine, but it is a strategic test case for Zimbabwe’s mining future.

For Zimbabwe, Mazowe’s revival could prove that dormant mines can be resuscitated by credible foreign investors, boosting production and exports. For communities, it promises formal employment, improved safety, and local development compared to the current unregulated artisanal operations.

Mazowe could become a blueprint for future mine revivals, attracting more foreign capital and accelerating Zimbabwe’s march towards its multi-billion-dollar mining industry target.

Kavango outlines funding risks as it targets US$13.5m in VFEX debut

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Kavango outlines funding risks as it targets US$13.5m in VFEX debut
In an investor prospectus Kavango Resources has cautioned of potential significant funding challenges for its Zimbabwe projects as it moves closer to a secondary listing on the Victoria Falls Stock Exchange (VFEX), this week,Mining Zimbabwe can report.
By Ryan Chigoche
The miner, which operates locally through Kavango Zimbabwe, said its assets remain at an early stage of development and have yet to generate revenues.
Although directors believe existing proceeds will be sufficient for near-term working capital needs, the company stressed that advancing its exploration portfolio will demand fresh capital.
If mineralisation is confirmed through drilling, Kavango will require further funding to define JORC-compliant resources and complete feasibility studies.
This process is expected to take more than two years, followed by another two years or more to prove commercial viability.
That timeline underlines the importance of timely financing, which the company admits will depend heavily on investor appetite, global commodity and financial markets, and the regulatory environment.
According to the prospectus any delays or unfavourable terms could affect its financial standing and potentially result in the loss of licences. This risk is particularly pressing at the Nara project, where a tailings resource has already been identified and could be forfeited if capital is not secured in time.
To mitigate this, Kavango plans to exercise its option over Nara using proceeds from a potential UK subscription, while simultaneously looking to the VFEX for additional exploration capital.
The upcoming listing seeks to raise US$13.5 million to support the company’s ongoing operations and projects. As of last week, Kavango’s market capitalisation stood at US$44.24 million, which the company says reflects investor confidence in its long-term growth prospects.
The listing also ties into a broader trend in Zimbabwe’s mining sector. Authorities have positioned the VFEX as a gateway for foreign investment, offering hard currency capital at a time when junior miners often struggle to raise funds.
In recent years, the bourse has become increasingly attractive to resource companies, even as firms like Kavango highlight the long and uncertain path from exploration to production.

Huge Boost for Dokwe as Ariana Secures US$7 Million Funding

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Huge Boost for Dokwe as Ariana Secures US$7 Million Funding
London Stock Exchange-listed exploration firm Ariana Resources has raised US$7.14 million to advance its Dokwe Gold Project in Zimbabwe ahead of its debut secondary listing on the Australian Securities Exchange (ASX)  next month, Mining Zimbabwe can report.
By Ryan Chigoche
The fundraising follows the company’s recent announcement that the project will require significantly more than the initially budgeted US$82 million.
This figure came as updated assessments suggest Dokwe’s production potential could reach 100,000 ounces of gold per year, well above earlier estimates.
In May, Ariana announced that further exploration had identified resources of over one million ounces of gold. At current market prices, this could translate into potential revenue of approximately US$3.29 billion.
:Ariana Resources plc, the mineral exploration and development company with gold project interests in Africa and Europe, is pleased to advise that it has raised AUD11 million in gross proceeds under its Australian Securities Exchange (ASX) dual listing offer (ASX offer) which closed at 5pm AEST on August 14, 2025,” Ariana said in a statement.
“The ASX offer, to raise between AUD10-15 million (US$6.48 million to US$9.77 million) at a price of AUD0.28 per CDI (CHESS Depositary Interest), was open to eligible investors in Australia and certain other jurisdictions. Each CDI represents 10 underlying ordinary shares in the capital of the company.”
Ariana said the company was pleased to announce the capital raise.
“Accordingly, the company will issue 39,285,714 CDIs under the ASX Offer. An additional 157,062 CDIs will be issued under the separate ‘director offer’ under the prospectus in connection with the ASX Offer,” Ariana said.
On the ASX, a CDI is a unit of beneficial ownership in a foreign company’s financial product, such as shares, that is listed and traded on the ASX. CDIs allow Australian investors to buy shares in foreign companies that otherwise might be difficult to trade or settle on the CHESS system due to differences in legal systems.
“Application will be made for the new ordinary shares which on issue will rank pari passu side by side; at the same rate or on an equal footing] in all respects with the existing ordinary shares in issue to be admitted to trading on AIM (admission) and admission is expected to become effective on or around September 15, 2025.” the company added.
Upon admission, Ariana’s issued ordinary share capital will consist of 2,338,378,041 ordinary shares (including ordinary shares underlying the CDIs) with one voting right each.
However the company does not hold any ordinary shares in treasury. Therefore, from admission, the total number of ordinary shares (including ordinary shares underlying the CDIs) and voting rights in the company will be 2,338,378,041.
Meanwhile,Ariana is currently working towards completing the outstanding ASX conditions ahead of its listing next month.
Ariana owns 100% of the Dokwe Gold Project in Zimbabwe.
The project is made up of the Dokwe North and Dokwe Central gold deposits, which are located in the Tsholotsho District near the city of Bulawayo.
The deposits have a combined in-pit JORC Measured, Indicated, and Inferred Resource of over 1.42 million ounces of gold (as at March 2025), and the project represents the largest undeveloped gold project in Zimbabwe.

Zimbabwe to Host First-Ever Gemstone Conference and Fair in October

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Zimbabwe to Host First-Ever Gemstone Conference and Fair in October
Zimbabwe will host its inaugural Gemstone Conference and Fair from the 22nd to the 24th of October at the Harare International Conference Centre (HICC), bringing together stakeholders from across Africa and beyond to deliberate on innovations in gemstone mining, processing and trade, Mining Zimbabwe can report.
By Rudairo Mapuranga
The event, organised by the Zimbabwe School of Mines in partnership with the Minerals Marketing Corporation of Zimbabwe and other stakeholders, is expected to attract miners, traders, researchers, policymakers, and investors with a keen interest in the gemstone industry.
According to the organisers, the conference will feature exhibition stands, panel discussions, networking sessions, and a gemstones fashion show and dinner. The fair is designed to provide a platform for knowledge exchange while exploring sustainable mining practices, value addition and improved access to markets.
The conference comes at a time when Zimbabwe is making deliberate efforts to diversify its mining sector and unlock value from resources beyond the traditional gold and platinum industries. The gemstone sector has long been dominated by artisanal and small-scale miners, and the event is seen as a timely opportunity to formalise, professionalise and grow the industry.
Target participants include artisanal miners, gemstone traders and exporters, academics, regulators, investors, and enthusiasts. Early registration fees have been set at US$350, with late registration pegged at US$450, while exhibitors will pay US$500.
Abstract submissions are already closed, with the deadline 2 June 2025, while full paper submissions are due by 29 August 2025. The organisers expect strong participation from regional and international players given the increasing demand for coloured gemstones on global markets.
Zimbabwe’s first Gemstone Conference and Fair is anticipated to set the tone for a new chapter in the country’s mining landscape, creating opportunities for beneficiation, job creation and foreign currency earnings.
Rudairo Dickson Mapuranga

Mining Journalist

 Media Practitioner
+263784758657

Petroleum Sharing Agreement for Muzarabani Oil and Gas Project Now in Place

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Petroleum Sharing Agreement for Muzarabani Oil and Gas Project Now in Place
Government has announced that the long-awaited Consolidated Petroleum Production Sharing Agreement (PPSA) and the Petroleum Exploration and Production Agreement (PEPA) for the Muzarabani Oil and Gas Project are now in place, paving the way for further development of the project which has been granted national project status, Mining Zimbabwe can report.
By Rudairo Mapuranga
Information Minister Dr Jenfan Muswere confirmed the development after today’s Cabinet briefing, noting that the agreement represents a major milestone for Zimbabwe’s emerging oil and gas sector.
Mines and Mining Development Minister Winston Chitando provided context on the progress of the Muzarabani project, explaining that the sequence of exploration work had confirmed potential commercial viability.
“Initially, a seismic survey was carried out to locate the best drilling sites in the basin. A rig was then brought in, and drilling took place with samples tested locally and internationally. Results pointed to commercial potential, which necessitated the negotiation of a production sharing agreement. An inter-ministerial committee engaged with the investor’s team to produce a draft, which is now finalised. The fact that the rig remains in-country on standby shows that further drilling will proceed soon,” Chitando said.
The finalisation of the PPSA comes after years of speculation and investor frustration over delays. In February, Invictus Energy Managing Director Scott Macmillan had highlighted the PPSA as the cornerstone for ensuring equitable value sharing from the Cabora Bassa Project. At the time, stakeholders had expressed skepticism, with some questioning whether the delays would ever end.
Invictus, which is listed on the Australian Stock Exchange and the Victoria Falls Stock Exchange, has already recorded significant exploration success in the Cabora Bassa Basin, including discoveries at the Mukuyu field. However, despite these achievements, investors had grown increasingly impatient, with one bluntly remarking, “It is all about the PPSA. Nothing else matters right now.”
Now that the agreement is in place, optimism is likely to return as the deal secures a regulatory framework critical for investment, revenue-sharing, and long-term development of Zimbabwe’s gas industry. Invictus has also outlined plans for further drilling, a new exploration well at Masuma 1, and a pilot gas-to-power project that will supply nearby mines with reliable energy.
The Muzarabani oil and gas venture has the potential to transform Zimbabwe’s energy landscape by reducing dependence on imports, creating jobs, and generating foreign currency. With the PPSA finally secured, government and investors alike will now be under pressure to turn exploration success into commercial reality.
Rudairo Dickson Mapuranga

Mining Journalist

 Media Practitioner
+263784758657

Invictus Secures US$0.5 billion Qatar Lifeline, Sells 19.9% Stake to Drive Cabora Bassa to Production

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Invictus Secures US$0.5 billion Qatar Lifeline, Sells 19.9% Stake to Drive Cabora Bassa to Production
Victoria falls stock exchange listed oil and gas company, Invictus Energy has struck a landmark deal with Qatar’s Al Mansour Holdings that could reshape Zimbabwe’s upstream oil and gas landscape, sealing a US$500 million conditional financing package while selling a 19.9% equity stake to the Gulf investment group, Mining Zimbabwe can report.
By Rudairo Mapuranga
The agreement, announced this week, gives Invictus the financial firepower to push its flagship Cabora Bassa project in northern Zimbabwe from exploration into commercial production. Alongside the deal, the two parties are launching Al Mansour Oil & Gas (AMOG), a joint venture targeting wider African oil and gas acquisitions.
For a company that has been navigating Zimbabwe’s resource frontier largely on its own, this is the clearest signal yet that global capital is willing to back Cabora Bassa.
“We see this as just the beginning,” said Sheikh Mansour, Al Mansour Holdings Chairman, underlining Qatar’s ambitions to build a broader footprint in African hydrocarbons.
Invictus Managing Director Scott Macmillan described the deal as a “transformational milestone,” stressing that the funding secures the path to commercialisation. “This ensures Cabora Bassa can move from potential into production, and with AMOG, we now have a vehicle for regional expansion,” he said.
Zimbabwe, which has long awaited a breakthrough in petroleum development, is central to the agreement. If realised, Cabora Bassa would mark the country’s first oil and gas production project, with ripple effects on energy security, industrial growth, and foreign currency generation.
The US$500 million financing is conditional, with specific milestones expected to be met as the project advances. Still, the injection of Qatari capital positions Invictus among a rare group of junior explorers globally able to court sovereign-scale backers.
For the government, the deal reinforces Harare’s narrative of Zimbabwe as an emerging frontier for energy and resource investors.
The creation of AMOG signals that the partnership is not confined to Zimbabwe. The joint venture will scan the continent for upstream opportunities, leveraging Invictus’s exploration track record and Al Mansour’s capital muscle.
At a time when many international players are pulling back from African hydrocarbons, Invictus’s coup is both a win for Zimbabwe and a reminder that frontier energy still attracts big money when geology meets the right partnerships.
Rudairo Dickson Mapuranga

Mining Journalist

 Media Practitioner
+263784758657

Online Export Permit System Nears Completion, but Miners Still Face Costly Delays

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Online Export Permit System Nears Completion, but Miners Still Face Costly Delays
As part of the Economic Growth and Stability pillar of the National Development Strategy 1, the Minister of Mines and Mining Development has revealed that the establishment of Zimbabwe’s online export permit system is now 90% complete, with some mines already identified for trial runs, Mining Zimbabwe can report.
By Rudairo Mapuranga
Minister of Information, Publicity and Broadcasting Services, Dr Jenfan Muswere, added that this milestone is expected to modernize the country’s mineral marketing framework, improve efficiency, and reduce leakages in the sector.
However, while progress on the online system is being celebrated, the current state of the export approval process paints a far less encouraging picture for miners. Some mining companies have been waiting for over two months to receive clearance to export a 100-ton sample of mica to their off-take partners abroad. Despite securing permits and even receiving advance payments from customers, the shipment remains stuck in bureaucratic limbo.
The delays, which miners say stem from conflicting positions between the Ministry of Mines and the Minerals Marketing Corporation of Zimbabwe (MMCZ), are threatening livelihoods. Off-take partners are reportedly growing impatient, with some walking away from deals altogether.
“These inefficiencies are damaging legitimate businesses,” one miner remarked privately, pointing out that neighboring countries process export paperwork far quicker. In Mozambique, the approval can take as little as two days, while in Zambia it is typically cleared within a week. By contrast, Zimbabwean miners are left waiting two to six months.
The drawn-out process has raised fears that the system may be unintentionally pushing miners toward smuggling as a faster alternative. Reports suggest some producers are already moving goods through neighboring countries, depriving Zimbabwe of much-needed foreign currency earnings.
Industry observers argue that without clear communication and coordination between MMCZ and the Ministry of Mines, miners will remain trapped in uncertainty. Unless these bottlenecks are urgently addressed, the government’s efforts to modernize the system may fail to restore confidence.
For now, while the near completion of the online export permit system is welcome, miners are watching closely to see whether it will truly resolve the inefficiencies that have long plagued the sector — or simply add another layer of delay.
Rudairo Dickson Mapuranga

Mining Journalist

Media Practitioner
+263784758657

Gold buying prices per gram in Zimbabwe, 26 August 2025

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Gold buying prices per gram in Zimbabwe, 26 August 2025

Gold buying prices per gram in Zimbabwe today, 26 August 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$101.30/g.
SG ABOVE 89% BUT BELOW 90% US$100.23/g.
SG ABOVE 80% BUT BELOW 85% US$99.15/g.
SG ABOVE 75% BUT BELOW 80% US$98.08/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$96.47/g.

Fire Assay CASH $101.83/g.

NB: Fire Assay cash price is for gold above 100g; no sample is deducted.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

A 2% royalty is charged on all deposits (Small-scale miners).

A 5% royalty is set for Primary Producers.

Unpacking the 2025 Platinum Price Resurgence: Supply Challenges, Market Dynamics, and Zimbabwe’s Growing Role in PGMs

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Unpacking the 2025 Platinum Price Resurgence: Supply Challenges, Market Dynamics, and Zimbabwe’s Growing Role in PGMs

In 2025, the Platinum Group Metals (PGMs) market is experiencing a notable price rebound. Platinum has surged nearly 25% year-to-date, breaking above US$1,250 per ounce—its highest level in four years.

By Ryan Chigoche

Meanwhile, palladium trades near US$1,100 per ounce, and rhodium holds strong around US$5,400 per ounce, reflecting tight market conditions across the entire PGM complex.

This price strength is underpinned by a growing imbalance between supply and demand.

The World Platinum Investment Council (WPIC) forecasts a 966,000-ounce platinum deficit for 2025, marking the third consecutive annual shortfall.

South Africa, the world’s largest platinum producer, supplying over 80% of global output, continues to grapple with power outages, mine shutdowns, and chronic underinvestment, constraining new supply growth.

WPIC warns that if current trends persist, above-ground platinum inventories could shrink to just six weeks of demand cover by 2028, applying sustained upward pressure on prices.

Despite these supply concerns, platinum’s supply and demand are highly price inelastic in the short term—meaning recent price gains have yet to significantly boost production or curb demand, keeping the market structurally tight.

Platinum’s industrial demand remains robust, anchored by its essential role in automotive catalytic converters, growing applications in the hydrogen economy, and resilient jewellery markets, particularly in China.

The metal’s expanding use in hydrogen fuel cells and electrolysers ties it closely to global decarbonization efforts, adding new layers of long-term demand.

Investor Sentiment Turns: Platinum as the Next Big Precious Metal Play

As platinum fundamentals tighten, investor sentiment is also shifting.

After focusing heavily on gold over the past two years, institutional and retail investors are increasingly viewing platinum as a value play within the precious metals space.

Gold has rallied more than 32% in 2025, crossing above US$3,500 per ounce, but platinum’s relatively lower price and tightening fundamentals are drawing fresh interest.

Commodity research firm GSC Commodity Intelligence described the current market as “a rare alignment of macroeconomic, industrial, and investment forces,” forecasting that platinum prices could climb toward US$4,000 per ounce in the coming years, potentially outpacing gold’s gains.

Growing speculative interest and ETF inflows have added momentum to the rally. Investors are increasingly seeing platinum not only as an industrial metal but also as a store of value and inflation hedge.

Supporting this optimism, Valterra Platinum CEO Craig Miller shared a bullish outlook in a recent interview, highlighting structural supply deficits and resilient demand as key drivers.

Miller downplayed concerns over battery electric vehicles (BEVs) eroding PGM demand, noting, “BEVs accounted for just 10% of global vehicle sales in 2023 and 2024.

That leaves 90% of the market still reliant on internal combustion engines or hybrids—both of which depend on PGMs.”

Valterra, which owns Zimbabwe’s Unki Mine alongside South African operations at Mokala Kwena, Amandelbult, and Mototolo, is focused on capital discipline and operational efficiency to capitalise on the price environment.

Miller confirmed the company has no immediate plans for mergers or acquisitions, opting instead to maximise value from its existing assets.

The recent uplift in PGM prices is also positive news for emerging Zimbabwean developer Karo Platinum, whose commissioning has been delayed by years of subdued market conditions.

Karo Platinum’s flagship Karo Project, located in Zimbabwe’s Great Dyke region, is expected to produce approximately 190,000 ounces of PGMs annually at full capacity once fully operational.

The improving market backdrop enhances the project’s prospects, positioning Karo as a significant contributor to Zimbabwe’s expanding PGM output.

Meanwhile, Zimbabwe’s established producers are experiencing varied operational performances in 2025 amid these market shifts.

Zimplats, the country’s largest platinum producer and a subsidiary of Impala Platinum, reported an 11% year-on-year decline in mining volumes during the first quarter of 2025, primarily due to shortages of trackless mobile machinery and intermittent power disruptions.

This downturn underscores ongoing operational challenges but also highlights the importance of sustained favourable prices to support investment and stability.

In contrast, Mimosa Mining Company, co-owned by Sibanye-Stillwater and Impala Platinum, recorded a 13% increase in 6E concentrate production for the quarter ending March 31, 2025.

This growth was driven by improved plant recoveries despite facing power interruptions and difficult ground conditions.

Mimosa’s resilience signals the potential for Zimbabwean producers to capitalise on rising PGM prices through operational efficiencies and ongoing optimisation.

Rally Ripples Across the PGM Basket

The platinum rally is also influencing other PGMs.

Palladium, which peaked above US$2,500 per ounce in previous years, currently trades around US$1,100, offering potential accumulation opportunities amid steady automotive demand from petrol and hybrid vehicles.

Rhodium, often the most volatile PGM, remains elevated near US$5,400 per ounce, with forecasts indicating a 23% decline in inventories this year, sustaining a tight market.

While platinum leads, the performance of palladium and rhodium remains closely tied to the broader PGM supply-demand fundamentals.

With multi-year supply deficits, diversified industrial demand, green energy adoption, and renewed investor focus, analysts see 2025 as the possible start of a long-term upcycle in PGMs.

For producers like Valterra, emerging players like Karo Platinum, and established operators such as Zimplats and Mimosa, platinum’s resurgence marks a pivotal moment, reestablishing its central role in the global precious metals market.

This article first appeared in the Mining Zimbabwe Magazine Edition 81 

Unlocking Zimbabwe’s Mineral Wealth Starts with Funding Our Own Exploration

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Unlocking Zimbabwe’s Mineral Wealth Starts with Funding Our Own Exploration

Zimbabwe’s mining sector is standing at a critical crossroads: one road leads to missed opportunities buried beneath underfunded potential, the other toward long-term value if local exploration is taken seriously and funded accordingly, Mining Zimbabwe can report.

By Rudairo Mapuranga

With over 50,000 registered mining claims and untapped geological wealth in gold, platinum group metals, lithium, and coal, Zimbabwe should be well on its way to becoming Africa’s mining giant. Yet many claims remain dormant, choked by a familiar enemy—lack of funding and limited technical capacity.

At the recent Chamber of Mines Annual Conference held in Victoria Falls, stakeholders echoed what many in the industry already know: without a strong culture of financing early-stage exploration locally, Zimbabwe risks missing the next wave of global mining investment.

ZIDA Chief Executive Tafadzwa Chinamo bluntly stated that the nation’s failure to build a robust domestic funding ecosystem has stifled the pipeline of viable mining projects.

“The groundwork we lay now will determine the scale of mining investment we attract over the next decade,” he said. “We haven’t landed a big mining house in a while, and it all starts with exploration.”

Unlike countries such as Canada or Australia, where pension funds and stock exchanges routinely fund junior explorers, Zimbabwe remains hesitant. Local pension funds, banks, and institutional investors still view mining as high-risk and underwrite very little. Chinamo insisted this needs to change.

“You don’t need hundreds of millions to start. What we need is local financial institutions to have skin in the game.”

The Missing Link Between Interest and Investment

Mining remains Zimbabwe’s largest magnet for foreign direct investment, but attracting serious players means building a foundation from the bottom up. This includes funding geological surveys, empowering junior miners, and creating legal and financial mechanisms tailored for high-risk exploration.

ZIDA is now engaging with financial regulators to push for reforms allowing structured local investment, such as stock exchange listings or special-purpose vehicles, to raise capital for prospecting.

“If we don’t build our own capacity to support early exploration, we won’t have the assets to showcase to serious investors,” Chinamo warned.

The urgency is not just about big mining houses. Artisanal and small-scale miners (ASM), who account for over 60% of Zimbabwe’s gold deliveries, are also feeling the crunch of underinvestment.

Formalisation and Financing ASM: The Missing Piece in Gold Growth

Zimbabwe Miners Federation President Henrietta Rushwaya, also speaking at the conference, called for a re-imagined financing strategy for small-scale miners.

“These are the backbone of our gold production,” she said. “But many lack collateral and documentation, meaning they are excluded from mainstream financial markets.”

Rushwaya urged the government to expedite the rollout of micro-loans, cooperative funding, and easing models specifically for ASM players.

“Without formalisation and access to funding and equipment, we’re not only limiting production—we’re losing a chance to build the legitimate economy.”

The Ministry of Mines, led by Acting Chief Director Leon Godza, also confirmed their commitment to supporting ASM players with policies that promote contract mining, mechanisation, and toll processing partnerships.

“We are rolling out the computerised cadastre system to ensure claim ownership is clear,” Godza said. “But frequent changes in mining policy continue to create uncertainty. Investors and miners need predictability.”

The Case for Building Locally

The takeaway is clear: Zimbabwe cannot rely solely on international investors to shoulder the risks of early exploration or ASM capacity building. From pension funds to private equity, domestic capital must now lead.

This isn’t charity. This is smart economics. Artisanal and junior miners create jobs, generate forex, and drive rural development. Formalising and financing them is not a sideshow—it is the main act in building Zimbabwe’s mining future.

If we are to realise a multi-billion-dollar mining roadmap, the starting point must be underground—where the data, discovery, and deposits begin.

Because no investor will come to the show if we haven’t even built the stage.

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