A year after Zimbabwe’s government took full control of Kuvimba Mining House, the state-owned miner is making a fresh attempt to revive key mining projects.
Under new CEO Trevor Barnard, Kuvimba is seeking $950 million from development banks, mining companies, and traders to fund lithium, platinum, and gold projects, Barnard said in an interview.
“Access to major development banks and traders has now opened up,” Barnard stated, calling the government’s takeover a positive move for Kuvimba.
Previous attempts to secure funding were hindered by uncertainty over private investors, who previously owned a third of the company. An IPO and a venture with Russian investors were also abandoned due to these concerns.
Kuvimba’s assets were once linked to businessman Kudakwashe Tagwirei, who was sanctioned by the US and UK for alleged corruption. However, Kuvimba has always denied that Tagwirei held a stake in the company.
More than half of the targeted funding will go toward building an underground platinum mine at the long-delayed Darwendale project, Barnard revealed.
The company is also advancing a $275 million lithium project at Sandawana, in partnership with Chinese mining firms.
The agreement is expected to be finalized by March, with production beginning 15 months after signing. The Chinese partners will finance the project, which will be transferred back to Kuvimba once the loan is repaid—a process expected to take under five years.
A second phase at Sandawana is also in the works, with potential investors including Cluff Africa and a major European commodity trader.
Other Chinese investors have expressed interest, and a deal could be signed within six to 12 months.
At Darwendale, Kuvimba will first develop a $50 million open-pit mine, with ore processing outsourced to another company.
A larger underground operation is planned within three years, with funding discussions ongoing with development banks.
Zimbabwe, which holds the world’s second-largest platinum reserves and is Africa’s top lithium producer, has positioned Kuvimba as a key player in its resource sector.
The company is now 70% owned by the Mutapa Investment Fund (the country’s sovereign wealth fund), with the remaining shares held by entities under the finance ministry, including state pension funds, power utilities, and a deposit insurance fund.
Kuvimba’s renewed push for funding marks a major step in Zimbabwe’s efforts to unlock the full potential of its mining sector.
