VFEX key to driving local participation in mining

The establishment of a robust capital market is essential for promoting local ownership in the country’s abundant natural resources and providing the stepping stone towards realising Zimbabwe’s 2030 Vision, a UK-listed mineral explorer said.

The Victoria Falls Stock Exchange (VFEX) is at the forefront of such efforts, providing a platform for local and international investors to engage in Zimbabwe’s mining sector.

Kavango Resources, a Southern Africa-focused metals exploration company, is among investors set to facilitate the participation of locals in the country’s natural resources through a secondary listing on the VFEX.

This strategic decision is not only aimed at attracting foreign investment but also emphasising the importance of local participation in the mining industry.

“A key part of our strategy is to promote local ownership in Kavango to share the rewards of future success.

“We believe that Zimbabwe’s potential for hosting a multitude of large-scale, bulk minable gold deposits is immense,” said Kavango Resources chief executive officer Mr Ben Turney.

The VFEX, established in 2020, operates within a Special Economic Zone in Victoria Falls and has already demonstrated its potential to attract significant foreign investment.

With a market capitalisation of US$1,26 billion and the provision for investors to trade in US dollars or other convertible foreign currencies, the VFEX is poised to become a vital cog in Zimbabwe’s economic landscape.

Mr David Smith, chairman of Kavango Resources, expressed his enthusiasm for the VFEX, saying: “We are delighted to announce our listing on the Victoria Falls Stock Exchange.

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

The commitment to local ownership is not just about economic growth; it is also about uplifting communities and contributing to national development goals.

Mr Thamsanqa Mpofu, newly appointed chairman of Kavango Zimbabwe, emphasised this vision: “We at Kavango Zimbabwe are committed to contributing to national development goals and to uplifting communities.

“It is a great honour and privilege to be part of this vision, working with a dynamic team in developing new opportunities in mineral exploration and development.”

As Zimbabwe strives to transform into an upper middle-income economy by 2030, the VFEX offers a promising avenue for local investors to participate in the country’s rich natural resources.

By fostering a strong capital market, Zimbabwe can ensure that its wealth is shared among its citizens, paving the way for sustainable economic growth and development.

The collaboration between local companies like Kavango Resources and the VFEX is a crucial step towards achieving Zimbabwe’s 2030 Vision.

By promoting local ownership and creating a vibrant capital market, experts say Zimbabwe can unlock the full potential of its natural resources, benefiting both the economy and its communities.-herald