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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.
