Kuvimba Mining House Ltd., Zimbabwe’s state-run mining company, is seeking $950 million to advance its lithium, platinum, and gold projects. The company plans to raise funds from development banks, mining firms, and commodity traders. CEO Trevor Barnard is spearheading the effort, following the government’s full acquisition of Kuvimba a year ago. This transition has altered the company’s funding landscape, potentially improving access to new investors.
The Darwendale platinum project is the primary focus. Kuvimba plans to allocate over half of the funds to develop a smaller open-pit mine this year at an estimated cost of $50 million. In the long term, the company aims to establish a larger underground mine and processing facilities within three years. Discussions with development banks are underway to secure loans for the project.
Kuvimba is also prioritizing its lithium assets, particularly the Sandawana lithium project. It has entered a joint venture with Chinese mining companies, with the deal expected to finalize by March 2025. The project aims to produce 500,000 tons of lithium concentrate annually within 15 months. The Chinese partners will finance the development, while Kuvimba will regain ownership after repaying the loan—estimated to take less than five years.
Investor interest in Kuvimba is growing. Cluff Africa Ltd. and a major European commodity trader are among the potential partners, with deals anticipated within six to 12 months. Given Zimbabwe’s vast mineral wealth, securing these partnerships could enhance the country’s position in the global mining sector, particularly in the renewable energy supply chain. The government holds a 70% stake in Kuvimba through the Mutapa Investment Fund, with the remaining 30% under the finance ministry.
Kuvimba’s ownership history has faced scrutiny. In 2021, reports suggested its main assets were previously linked to Kudakwashe Tagwirei, a businessman under international sanctions. The company has denied any past association with him. Since the government’s acquisition in 2022, Kuvimba has undergone restructuring, creating new investment opportunities.
Under Barnard’s leadership, Kuvimba aims to strengthen its foothold in Zimbabwe’s mining sector. The success of its projects will depend on securing funding, regulatory approvals, and transparent governance. If achieved, these initiatives could drive economic growth and position Zimbabwe as a key player in global mining, particularly in lithium and platinum—critical minerals for electric vehicles and renewable energy technologies.
By leveraging its natural resources, Kuvimba seeks to transform Zimbabwe’s mining industry while contributing to global supply chains for essential minerals.