Funding efforts were previously hampered by undisclosed private investors holding a third of the company. Credit: Parilov/Shutterstock.

Zimbabwe’s state miner, Kuvimba Mining House, is seeking $950m (Z$25.1bn) to revitalise its mining projects, including lithium, platinum and gold assets.

Under the leadership of CEO Trevor Barnard, the company is engaging with development banks, mining companies and traders to secure the necessary funding, reported Bloomberg.

Kuvimba is now 70% owned by the state sovereign wealth fund, Mutapa Investment Fund.

The remaining shares are held by finance ministry entities including state pension funds, power utilities and a deposit insurance fund.

“Access to all the large development banks, to all the funding, to all the major traders has just opened up,” said Barnard, highlighting the positive impact of the company’s new ownership structure.

Previously, funding efforts were hampered by undisclosed private investors holding a third of the company.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier attempts to launch an initial public offering and a venture with Russian investors were abandoned.

Kuvimba’s assets were once linked to Kudakwashe Tagwirei, a businessman sanctioned by the US and UK for alleged corruption. However, Kuvimba has denied any stake held by Tagwirei.

The Zimbabwean Government had considered using Kuvimba’s output to repay a fuel debt to Trafigura Group back in 2022.

Zimbabwe is said to have the world’s “second-largest” platinum reserves behind South Africa, and is the “largest” producer of lithium in Africa.

More than half of the $950m sought will be allocated to the Darwendale project’s underground platinum mine.

At the Darwendale platinum deposit, Kuvimba plans to develop a smaller open-pit mine this year at an estimated cost of $50m.

The company will collaborate with another mining company to process the ore.

Talks are under way with development banks for loans to finance the larger underground project and processing facilities, with a targeted start date within three years.

Barnard, who assumed his role in December, also noted that a company lithium project could cost up to $275m and may be developed more quickly.

Kuvimba has entered into a lithium joint venture with Chinese mining companies, aiming to finalise a deal by March.

Meanwhile, production at the Sandawana project is expected to start within 15 months of signing, reaching 500,000 tonnes of lithium concentrate annually.

According to the report, the project will be financed by the Chinese partners, who will transfer it back to Kuvimba once the loan is repaid, a process estimated to take less than five years.

The company also plans to develop a second area at Sandawana, with interest from potential investors including Cluff Africa and a major European commodity trader.

Additional Chinese investors are also interested, with a deal potentially being signed within six to 12 months. Cluff did not respond to an email request for comment.