• Xinhai plans a A$8 million investment plus technical support for Dokwe’s development

• Partnership would cover sampling, metallurgy work, and the final feasibility study

• Deal comes amid rising Chinese interest in Zimbabwe’s mining sector and strong gold prices

Ariana Resources has reached an agreement in principle with Hongkong Xinhai Mining Services Ltd for a partnership to advance the Dokwe gold project in Zimbabwe. According to a note released on Tuesday, December 9, the collaboration would involve both financial and technical support as the project moves toward production.

Xinhai plans to provide an immediate investment of 8 million Australian dollars (about $5.3 million) in exchange for equity in Ariana Resources. The deal also includes technical services for sampling and metallurgical testing at Dokwe, as well as work on the ongoing definitive feasibility study. The agreement is not yet binding, and both parties must finalize the terms before signing a definitive deal by January 31, 2026.

“We are pleased to build a long-term partnership with Ariana Resources through this strategic investment in the Dokwe gold project in Zimbabwe. This initiative represents a significant step in Xinhai's commitment to developing high-quality, long-life mineral assets in emerging resource regions. We believe the project holds strong geological potential and aligns with our vision of responsible, technology-driven growth,” said Xinhai chairman Yunlong Zhang.

With this initiative, the Chinese company aims to participate in one of Zimbabwe’s key emerging gold projects. A 2022 prefeasibility study indicated that Dokwe could host a mine producing 65,000 ounces of gold a year over a 13-year life, with an initial capital cost of $82 million. These figures may change in the definitive feasibility study that Xinhai is expected to take over once the agreement is completed.

The renewed interest in Dokwe coincides with a sustained bull market for gold, whose price has risen 56% since January, according to Trading Economics. The trend is spurring fresh investment across the sector, illustrated by Chengtun Mining’s October takeover offer for Loncor, operator of the Adumbi gold deposit in the DRC.

As negotiations advance, Chinese investors continue to play a prominent role in Zimbabwe’s mining sector, particularly in lithium, where companies such as Sinomine and Zhejiang Huayou Cobalt are expanding their presence.

Aurel Sèdjro Houenou