Controversial Assets May Have Shifted to Zimbabwe Amid Sanctions
Zimbabwe’s state-linked mining giant Kuvimba Mining House is on the hunt for a massive $950 million in fresh capital to supercharge its gold and lithium production, according to CEO Trevor Barnard, who spoke at a high-profile mining conference in Victoria Falls.
“First and foremost, we need funding,” Barnard told delegates. “A significant amount is required to make our businesses work.”
While details on potential investors remain under wraps, the size of the ask suggests Kuvimba is courting deep-pocketed financiers—possibly from China, the Gulf, or private equity circles looking to capitalize on Africa’s booming battery mineral market.
From Legacy Mines to Lithium Hubs
Kuvimba controls some of Zimbabwe’s most historic gold assets, including Freda Rebecca and Shamva mines. But its ambitions go far beyond gold.
The company is also positioning itself as a key player in Zimbabwe’s lithium boom, a strategic mineral critical to electric vehicles and renewable energy storage. Plans for a new platinum-group metals mine are also on the table—if it can secure the financing.
Yet the road has not been smooth.
Trouble at Bindura
One of Kuvimba’s key assets, Bindura Nickel Corporation, was placed under administration last year after an underground equipment failure brought operations to a halt in September. The company’s inability to raise the necessary funds for repairs left it in limbo, casting doubt on Kuvimba’s financial resilience.
Sanctions Shadows
Adding intrigue to the story is growing speculation that assets linked to controversial business tycoon Kudakwashe Tagwirei—sanctioned by the U.S. Treasury—may have been transferred into Kuvimba’s portfolio. While the company insists it operates independently, watchdog groups and transparency advocates continue to scrutinize its ownership and capital flows.
A Critical Test
With global demand for lithium soaring and Zimbabwe positioning itself as a major supplier, the stakes for Kuvimba couldn’t be higher. Whether it can secure nearly a billion dollars in investment—and navigate both operational setbacks and international scrutiny—could determine the future of one of Southern Africa’s most talked-about mining ventures.
