A strong capital market is crucial for enhancing local ownership of Zimbabwe’s abundant natural resources and achieving the country’s 2030 Vision, according to a UK-listed mineral explorer.
The Victoria Falls Stock Exchange (VFEX) is leading these efforts by offering a platform for both local and international investors to engage in Zimbabwe’s mining sector.
Kavango Resources, a metals exploration company focused on Southern Africa, plans to promote local involvement through a secondary listing on the VFEX. This move aims to attract foreign investment while highlighting the importance of local participation in the mining industry.
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“Our strategy emphasizes promoting local ownership in Kavango to ensure that the benefits of future success are shared,” said Kavango Resources CEO Ben Turney. “We believe Zimbabwe has significant potential for large-scale, bulk minable gold deposits.”
Established in 2020 within Victoria Falls’ Special Economic Zone, the VFEX has already shown its ability to draw substantial foreign investment. With a market capitalization of US$1.26 billion and the option for trading in US dollars or other convertible currencies, the VFEX is set to become a key player in Zimbabwe’s economic framework.
Kavango Resources Chairman David Smith expressed excitement about the VFEX listing, stating: “We are thrilled to join the Victoria Falls Stock Exchange. A successful VFEX can attract significant foreign investment, and Kavango is eager to show that Zimbabwe is ‘open for business.’”
The focus on local ownership extends beyond economic growth to community upliftment and national development goals. Kavango Zimbabwe’s new chairman, Thamsanqa Mpofu, highlighted this commitment: “We are dedicated to contributing to national development and improving communities. It’s an honor to be part of this vision, working with a dynamic team to explore and develop new mineral opportunities.”
As Zimbabwe aims to become an upper middle-income economy by 2030, the VFEX provides a valuable opportunity for local investors to engage with the country’s natural resources. By fostering a robust capital market, Zimbabwe can ensure that its wealth benefits its citizens, supporting sustainable economic growth and development.
The partnership between local entities like Kavango Resources and the VFEX is a significant step toward realizing Zimbabwe’s 2030 Vision. By encouraging local ownership and developing a vibrant capital market, experts believe Zimbabwe can fully leverage its natural resources for the benefit of its economy and communities.
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