Kuvimba Mining House seeks US $950m to revitalise mining projects
Kuvimba Mining House, a state-owned mining company in Zimbabwe, is seeking $950 million to expand its operations across lithium, platinum, and gold mining projects.
The company, now primarily owned by the state sovereign wealth fund, Mutapa Investment Fund, is engaging with financial institutions, mining firms, and commodity traders to secure funding. CEO Trevor Barnard emphasized that Kuvimba’s restructuring has improved access to financing opportunities.
Previously, fundraising efforts faced obstacles due to undisclosed private investors holding a stake in the company. Past initiatives, including an IPO and a partnership with Russian investors, were abandoned.
Underground mine
A significant portion of the capital will support the Darwendale platinum project, particularly the development of an underground mine. In the short term, a smaller open-pit operation will be initiated at an estimated cost of $50 million, with plans to collaborate with another company for ore processing. Talks with development banks are ongoing to secure financing for the larger underground mine, which is expected to commence operations within three years.
Kuvimba is also advancing its lithium projects, with one estimated to cost up to $275 million. The company has partnered with Chinese firms in a lithium joint venture, aiming to finalize an agreement by March. Production at the Sandawana lithium project is anticipated to begin within 15 months, targeting an annual output of 500,000 tonnes of lithium concentrate. Chinese investors will initially fund the project, with ownership transitioning to Kuvimba after loan repayment, projected to take under five years.
Further lithium developments at Sandawana have attracted interest from global investors, including Cluff Africa and a major European commodity trader. Additional deals with Chinese partners may be signed within the next six to twelve months. Zimbabwe holds some of the largest platinum reserves globally and leads lithium production in Africa, positioning Kuvimba’s expansion efforts as a key development in the country’s mining industry.
