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Business Reporter
KAVANGO Resources, listed on the London Stock Exchange, has secured £10 million (US$13 million) to fund its gold mining projects in Zimbabwe.
The financing highlights strong backing from key stakeholders and forms part of a strategic funding package aimed at advancing the company’s operations.
Through its subsidiary, Kavango Zimbabwe, established in July 2023, the company is targeting several historic high-grade gold mines in Matabeleland, with an emphasis on bulk economic mining.
The substantial funding will enable the launch of the Hillside Gold Project, scheduled for 2025.
“We have completed the first phase of exploration and believe we have identified two potential gold mines. One of these is an underground, high-grade opportunity that we hope to mine using a spiral decline.
“Spiral declines are a modern mining technique developed in Australia over the past 25 years. They allow for bulk mining of underground lode gold systems, which is a relatively new approach in Zimbabwe that we aim to pioneer.
“We have built a strong exploration and mining team in Bulawayo and look forward to what they can achieve next year,” said Ben Turney, Kavango’s Chief Executive Officer.
To broaden its market exposure, Kavango plans to list its shares on the Victoria Falls Stock Exchange (VFEX). Earlier this month, the company announced significant discoveries of tungsten and other elements at the Hillside Project.
With the new funding in place, Kavango aims to modernise the Hillside Gold Project, potentially leading the way in the development of Zimbabwe’s goldfields.
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