Zimbabwe's Kuvimba Mining seeks $950mln 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.
© Copyright The Zimbabwean. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Mining in Motion Outlines Strategies for Formalizing Ghana's Artisanal and Small-scale Gold Mining (ASGM) Sector
Industry leaders at the Mining in Motion 2025 summit spotlighted Ghana's ongoing efforts to formalize its artisanal and small-scale gold mining (ASGM) sector. Participants on an India Gold Metaverse-sponsored session – titled Case Studies in ASGM Formalization: Learning from Successes and Addressing Challenges – emphasized that formalization has the potential to catalyze sustainability, build stronger communities and drive long-term economic growth. 'We need regulatory and legislative changes that support small-scale miners and ensure that revenue from their contributions translates into real economic, social and communal growth,' stated Martin Ayisi, CEO of the Minerals Commission of Ghana. Ayisi called for bold regulatory and financial interventions in the sector, stressing the urgent need for investment in geological investigations and sustainable technologies to prevent encroachment on protected areas and improve sector-wide outcomes. From an regional perspective, Cisse Vakaba, Advisor to the President on Mining, Ivory Coast, emphasized the foundational role of geology in building a viable ASGM sector. He stressed that state support must go beyond issuing permits to include geological surveys, professional training, community engagement and digital tools for traceability. 'I really think that the basis for small mines is the geological aspect. This is the aspect where we have to work, to see the areas where they can exploit,' Vakaba stated, adding, 'The State must provide support. It's not enough to issue a title, a permit. We need to support prospecting and geological research.' Meanwhile, Melissa Correa Vélez, Program Manager, Swiss Better Gold, highlighted the human-centered approach necessary to make formalization efforts successful. Velez – through Swiss Better Gold's Boots on the Ground initiative – advocates for programs, including technical support and community-oriented training, that extend beyond legal structures to genuinely improve livelihoods and environmental stewardship. 'If you want to work with artisanal miners, work with them. Keep the miners interested in being responsible. If the miners lose interest because of the challenges, they will become illegal,' Velez stated. For his part, Kwaku Afrifa Nsiah-Asare, Lawyer and Entrepreneur, Typhoon Greenfield Development, emphasized that government support will be a requisite for ASGM formalization in Ghana, speaking candidly on social and financial challenges in the sector. 'By doing everything properly, the Minerals Commission of Ghana has been extremely supportive and made it worthwhile for us to do business. It's about partnerships and leadership in government,' Nsiah-Asare stated. Bringing a tech-forward perspective, Lamon Rutten, Managing Director and CEO of India Gold Metaverse, spoke to the transformative potential of digital innovation in the ASGM value chain. 'Blockchain technologies and AI can help improve artisanal and small-scale mining operations. Tools like geo-tracking, radio-frequency identification-equipped machinery and internet-of-things devices allow us to trace ore sources. If you really want to develop small-scale mining, work with local banks. Let them understand the sector and they will help drive sustainable growth,' Rutten said. During the presentation, the panelists agreed that projects including the Ghana Land Restoration and Small-Scale Mining Project – a joint initiative with the World Bank – are setting a precedent. By offering financial and technical support, simplifying license through District Mining Committees, and organizing miners into Community Mining Schemes, Ghana is building an ASGM sector that is increasingly legal, sustainable and community driven. Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana's Ashanti Kingdom – in collaboration with Ghana's Ministry of Lands and Natural Resources, World Bank, and the World Gold Council, with the support of Ghana's Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders. Distributed by APO Group on behalf of Energy Capital&Power.
Zawya
3 hours ago
- Zawya
Oando Profit-After-Tax up 267% to N220 billion in FY2024 Audited Results
Oando PLC ( Africa's leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023. In the upstream, Oando's production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL production and gas decreased respectively by 35% to 156 bpd, and 5% to 16,013 boepd. The company's 2P reserves grew 95% year-on-year to 983 MMboe (2023: 505 MMboe), representing a 188% reserves replacement ratio and underscoring the strength of the company's upstream portfolio post-acquisition. The company also reported a sustained operational uptime of 86%, supporting off-take reliability and reducing deferred production. Similarly, other indigenous players have also reported significant revenue growth following the recent wave of International Oil Company divestments. Seplat recorded a revenue of ₦1.65 trillion, representing a 137% increase from 2023, while Aradel posted ₦581.2 billion in revenue, a 162% increase compared to the previous year. Speaking on the company's upstream performance, Group Chief Executive, Oando PLC, Wale Tinubu said, ' 2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20% to 40%, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.' In the downstream, Oando's trading subsidiary reported that it sold 20.7 million barrels of crude oil in 2024; a 37% decline from 2023 due to structural changes in the Nigerian oil market. Additionally, refined product volumes declined by 64% to just over 599 kMT, due to weakened domestic demand, driven by the challenging macroeconomic in-country. Projections for global oil prices and demand in 2025 remain uncertain due to persistent macroeconomic and trade policy uncertainties. JP Morgan pegs Brent to peak at $66/bbl in 2025 and $58/bbl in 2026 while the U.S. Energy Information Administration's (EIA) predictions project Brent crude oil prices to fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026 citing an increase in global production coupled with slower global demand growth. Within its renewable energy business, the company continued to advance its clean energy agenda recording measurable progress across multiple verticals. By the end of 2024 the electric mass transit programme had covered 121,145 km, transported over 205,000 passengers, displacing 163,546 kg of CO₂ emissions and saving more than 60,000 litres of diesel. Other notable achievements include signing MoUs for wind projects with Cross River and Edo State as well as launching a geothermal feasibility study in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets. As the company continues to integrate its expanded portfolio following its most recent strategic acquisition, current projections show it's gone into 2025 with strong momentum and clear ambition. Tinubu remarked 'Looking ahead, 2025 will be our year of execution. Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations. In our bid to ramp up production towards achieving our target of 100,000 bopd and 1.5 tcf of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program. We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa's evolving energy landscape.' The published audited FY 2024 results also include approximately four months of contribution from Nigerian Agip Oil Company (NAOC), following the completion of the acquisition on August 22, 2024. Following this, the company has set a production guidance of 30,000–40,000 barrels of oil equivalent per day (boepd) in its 2025 outlook. This aligns with its post-acquisition optimisation plans to maximise portfolio value and supports its four-year target of reaching 100,000 barrels per day. It is evident that local players, particularly those that have become operators following the recent IOC divestments, are increasingly well-positioned to drive the future of the Nigerian energy sector. These indigenous companies possess unique insights and contextual experience that enable them to more effectively manage onshore and shallow water assets. This shift is expected to generate a ripple effect across the economy by increasing local employment, enhancing capacity development, and improving government revenue through taxes retained within the country, revenue that was previously repatriated to the home countries of the International Oil Companies (IOCs). Distributed by APO Group on behalf of Oando PLC.
Zawya
4 hours ago
- Zawya
Mining in Motion Summit Highlights Growing Support for Formalized Artisanal and Small-scale Mining Sector (ASM) Industry
The second day of the Mining in Motion 2025 Summit highlighted global industry leaders advocating for greater formalization of the artisanal and small-scale mining sector (ASM). The event featured keynote presentations calling for increased cooperation between the ASM and large-scale operators to drive sustainable industry growth. David Tait, CEO of the World Gold Council, emphasized the scale and importance of the ASM sector, which provides livelihoods for over 40 million people globally. However, he noted that the sector continues to face critical challenges, including illegal operations and environmental degradation. 'With rising global demand and gold prices, illegal mining is on the rise - fueling civil unrest, child labor and depriving governments of billions in revenue that could support development,' Tait stated. 'There is a risk in slow policy responses. In 1990, ASM accounted for just 4% of global gold production; today, it represents over 20%.' He commended Ghana for its various mechanisms such as the Ghana Gold Board in addressing illicit mining. 'Government leadership is a fundamental requirement,' he added. He called for African markets to increase focus on the professionalization and formalization of ASM operations, increasing ASM access to legitimate financing, and the adoption of mercury-free processing methods. He also highlighted the World Gold Council's work with seven central banks, including several in Africa, to ensure gold purchases from ASM sources are channeled through legal frameworks. Additionally, the Council has developed a guide to foster effective collaboration between the ASM and LSM actors. Representing Africa's largest gold producer, Stewart Bailey, Chief Corporate Affairs&Sustainability Officer at AngloGold Ashanti, echoed the call for coexistence. 'ASM has been part of the value chain since we were incorporated. For many years our approach has been to co-exist with ASM wherever feasible,' noted Bailey. AngloGold Ashanti is working with governments, NGOs and global organizations like the World Gold Council to support ASM operators in adopting mercury-free practices, upholding human rights, and promoting environmental rehabilitation, according to Bailey. Allan Jorgensen, Head of Responsible Business Conduct at the OECD Centre, reinforced the importance of responsible mining practices. 'To unlock Africa's potential, we must confront the challenges associated with gold as a driver of illicit activities,' Jorgensen said. The OECD developed a Due Diligence Guidance, supported by governments and aligned with regulations like those of the London Bullion Market Association, to reduce environmental and social risks in gold supply chains. Distributed by APO Group on behalf of Energy Capital&Power.
