Kavango Resources plans to list on VFEX

THE Southern Africa-focused metals and exploration firm, Kavango Resources plc, has announced the intent to list on Zimbabwe’s United States dollar-denominated Victoria Falls Stock Exchange.

Kavango, which is listed on the London Stock Exchange, has entered into a strategic partnership with the Toronto Exchange-listed Pambili Natural Resources Corporation to revive operations at Golden Valley Mine near Bulawayo.

Kavango Resources is a mineral exploration firm listed on the London Stock Exchange with projects in Zimbabwe and Botswana.

In a public notice, Kavango said the proposed listing will provide an opportunity for Zimbabwe-based investors to participate in Kavango’s exploration and mining development opportunities.

In turn, this would also provide the company with access to an enlarged pool of capital and shareholder base and meet Kavango’s strategic objective of promoting strong local ownership in its projects.

“The company is pleased to announce that it has engaged advisors for a planned secondary listing on the Victoria Falls Stock Exchange (VFEX) in Zimbabwe.

“Kavango has engaged Inter Horizon Advisory (Private) Limited as the lead financial advisor to the proposed transaction,” it said.

The VFEX was established in 2020 to spearhead the development of the International Financial Services Centre in Zimbabwe and is operating in a Special Economic Zone in Victoria Falls.

Kavango chief executive officer, Ben Turney, said they established Kavango Zimbabwe in July last year and over the past 12 months, they have made a strong commitment to invest heavily in the country’s gold exploration and mining development sectors.

“A key part of our strategy is to promote local ownership in Kavango to share the rewards of future success. In keeping with the 2030 Vision to transform Zimbabwe into an upper middle-income economy, we are delighted to announce our listing on the VFEX.

“A thriving VFEX has the potential to attract significant foreign investment and Kavango looks forward to demonstrating that Zimbabwe is indeed “open for business,” he said.

“We believe that Zimbabwe’s potential for hosting a multitude of large-scale, bulk minable gold deposits is immense.

“Kavango has made a very strong start in the short time we have been here, with our exploration and drilling already delivering positive results. We believe that the more success we have, the greater the chance that other international firms will follow our lead to invest in this great country.”

Meanwhile, Thamsanqa Mpofu, has been appointed chairman of the group’s local subsidiary.

Mpofu is a seasoned senior executive offering extensive commercial and business management experience with a solid track record gained with local and international organisations in the hospitality and service industries, distribution, manufacturing, Fast Consumer Moving Goods, mining, banking and education sectors.

He is a past board chairman of ZB Financial Holdings Limited, a diversified Zimbabwe Stock Exchange listed financial services company and was previously an independent non – executive director of Rio Zim (Pvt) Ltd, as well as executive board member of Meikles Hospitality (Pvt) Limited).

“We are delighted to welcome Tham as chairman of the board of Kavango Zimbabwe. Our strategy in Zimbabwe is to build a substantial mining interest and for that, we need strong executive leadership on the ground.

“Tham brings a wealth of commercial and board-level experience to our fledgling operations in Zimbabwe and has already made a significant contribution to helping us grow.

“Tham is a well-respected figure in Harare’s business circles and brings a high degree of stature to our company,” said Kavango Resources chairman David Smith said.-ebusinessweekly