Kuvimba Mining House aims to raise $950 million for mining projects in Zimbabwe, focusing on lithium and platinum development. The funding will facilitate an underground platinum mine and a substantial lithium deposit project, with international partnerships in place. Previous financing attempts were hindered by investor uncertainties, yet Zimbabwe’s rich mining reserves offer growth potential.
Kuvimba Mining House Ltd., Zimbabwe’s state-owned mining enterprise, is set to submit an application for various projects following the government’s complete control established in 2024. The company aims to secure $950 million through collaborations with development banks, mining companies, and traders to enhance lithium, platinum, and gold mining operations.
A significant portion of the funds will be dedicated to advancing the development of an underground platinum mine within the delayed Darwendale project and facilitating a $275 million lithium deposit development over the next three years.
Kuvimba has partnered with Chinese mining firms to create a joint venture for lithium production as part of the Sandawana project. The Chinese investors will provide financing and regain company assets post loan repayment.
Additionally, Kuvimba is working on a second lithium deposit in the Sandawana project, attracting interest from Cluff Africa Ltd. and other Chinese investors. Previous attempts to raise funds were unsuccessful due to unclear information about private shareholders owning a significant stake in Kuvimba.
Zimbabwe holds the second-largest platinum reserves globally, trailing only South Africa, and is Africa’s top lithium producer. Kuvimba Mining’s ownership structure comprises 70% state investment fund shares and 30% owned by various Ministry of Finance bodies, including state pension and energy companies, engaged in gold, nickel, chromium, and lithium mining.
Kuvimba Mining is strategically raising $950 million to fund major mining development projects in Zimbabwe, emphasizing lithium and platinum. By enlisting international partners for financing, the company is aiming to revitalize its operations after previous funding challenges. The country’s significant mineral resources position Kuvimba to leverage this investment effectively in the global market.
Original Source: www.akm.ru
