Kavango Resources boost Zimbabwe gold mining with $2.9 million funding

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At a Glance

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• Kavango raises $2.9 million to accelerate Zimbabwe gold mining projects.
• Funding backs a new 250-ton-per-day processing plant in Filabusi.
• Early-stage production aims to attract international mining investors.

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Kavango Resources Plc, a London-listed exploration and mining company, has raised $2.9 million to accelerate its gold operations in Zimbabwe, signaling a fresh vote of confidence in the country’s mineral sector.

The company said the financing came through the placement of 227.7 million new ordinary shares at 1 pence each.

Fresh capital powers Kavango’s mining ambitions

Purebond Limited, Kavango’s largest shareholder, subscribed for nearly half the shares issued, taking up more than 111 million units. Company insiders also showed support, with Chairman Peter Wynter Bee purchasing 10 million shares.

Chief Executive Ben Turney described the raise as an important step in shaping the company’s long-term plans in Zimbabwe. “This funding allows us to move from exploration toward production, and that is a significant milestone for our business,” Turney said.

Kavango intends to use the proceeds to commission a 250-ton-per-day gold processing plant at its Hillside Gold Project in the Filabusi Greenstone Belt, targeted for completion in the first half of 2026.

The company will also expand surface and underground drilling at the Bill’s Luck mine, also in Filabusi, with the aim of defining at least three years of mineable reserves. Plans also include building a carbon-in-leach processing plant to support output growth.

Zimbabwe positions itself for global mining capital

Turney stressed that early-stage production will serve as a critical signal to international investors. “Pilot operations will demonstrate that Zimbabwe is open for responsible mining investment,” he said, noting that the company has reported four significant gold discoveries in the past two years.

Kavango shares are expected to resume trading on the London Stock Exchange on or around Sept. 15, 2025. 

The company also completed a secondary listing on the Victoria Falls Stock Exchange, where it raised $4.5 million earlier this year. Following the latest issuance, its total share capital stands at 3.6 billion ordinary shares.

“The funds raised today will help us fast-track gold mining and processing capacity in Zimbabwe,” Turney said. “It’s an important step toward building a scalable gold business while showcasing Zimbabwe’s potential as one of Africa’s most promising mining destinations.”