Zimbabwe’s Kuvimba Mining seeks $950 million in financing

Zimbabwe’s Kuvimba Mining House is seeking to raise $950 million to invest in raising its gold and lithium output, CEO Trevor Barnard said at a mining conference in Victoria Falls.

“First and foremost we need funding,” Barnard said. “We require a significant amount of funding to make our businesses work.”

Barnard didn’t disclose the potential investors Kuvimba has engaged to raise the financing and how long the process will take.

Kuvimba owns some of Zimbabwe’s oldest gold mines, including Freda Rebecca and Shamva. It also mines lithium and has previously said its searching for financing to build a new platinum-group metals mine.

Kuvimba’s Bindura Nickel Corp was placed under administration last year after failing to raise financing to revive production following an underground equipment failure in September that halted mining operations.

(By Chris Takudzwa Muronzi; Edited by Felix Njini and David Evans)