United Kingdom (UK)-headquartered Kavango Resources Plc, which is develping gold mines in Zimbabwe, has secured a US$5 million interest-free facility from the Comarton Managed Pension Funds’ Investments Consortium for mine development, including building a gold processing facility.

The funding provides a stepping stone to listing on the US dollar-denominated Victoria Falls Stock Exchange.

Importantly, investment will help develop new gold production capacity in a country largely dependent on bullion exports, the country’s single largest export earner.

In 2025, Zimbabwe has set an ambitious goal of producing 40 tonnes of gold. This follows a record 36,48 tonnes produced in 2024.

Mr Ben Turney, the group’s chief executive, said central to its strategy in Zimbabwe was to promote local shareholder ownership that allows citizens to participate in their future success through long-term equity investment.

“The transaction sends a strong message that Zimbabwe is open for business. We look forward to this investment acting as a cornerstone for our introduction to the Victoria Falls Stock Exchange a little later this summer,” he said in a joint statement.

Mr Turney said the consortium was an influential group of individual pension funds in Zimbabwe that collaborate on investments.

He said the 28 consortium members had made the decision to invest in equities and indicated their intention to participate in the Kavango investment facility.

Mr Turney said Kavango planned to bring Prospects 1, 3 and 4 phases at the Hillside Project into production over the next 12 months, using modern mechanised mining.

Operating through its Zimbabwean subsidiary, Kavango Zimbabwe, established in July 2023, the company is targeting several historically high-grade gold mines in the Matabeleland region, focusing on economic bulk mining.

Source: Heraldco