• Kavango Resources raised $8.4 million through share placements in London and Victoria Falls.
• The funds will support the Hillside gold project and the acquisition and exploration of Nara.
• The financing comes as investment interest in Zimbabwe’s gold sector continues to grow.

British mining company Kavango Resources said on Friday, March 6 that it had raised a total of $8.4 million through share placements to support the development of its gold projects in Zimbabwe.

The company said the funds were secured from investors on both the London Stock Exchange (LSE) and the Victoria Falls Stock Exchange in Zimbabwe. With the new financing, Kavango’s cash position now stands at about $13.5 million. The funds will help finance efforts to increase gold production and continue exploration work at the Hillside and Nara projects.

The company said the funds will finance the expansion of gold production at Hillside, the acquisition of Nara, as well as additional exploration work and general working capital in Zimbabwe.

Hillside, Kavango’s flagship project, is described as a scalable asset that combines early-stage production with long-term growth potential. The mine currently produces a modest output of about 2 kilograms of gold per month, but the company plans to gradually optimize its production profile.

This growth strategy is complemented by the Nara project, which the company says could host a large-scale mineralized system. Exploration work is currently underway to confirm that potential.

These initiatives come at a time of rising global gold prices and reflect growing investment interest in Zimbabwe’s gold sector. While Kavango’s projects remain at an early stage, other companies such as Caledonia Mining and Namib Minerals are already planning the construction of new gold mines in the country, with investments valued at several hundred million dollars. The projects could support Zimbabwe’s efforts to increase mining revenues over the long term.

Aurel Sèdjro Houenou