Kavango Resources plans Zimbabwe listing to fund gold projects

By Agencies

Kavango Resources, a London-based mineral exploration company backed by the Kansagra family, is preparing for a secondary listing on the Victoria Falls Stock Exchange in Zimbabwe as it shifts its focus to gold production in Southern Africa.

The company will issue 333.4 million new ordinary shares for its planned listing. A consortium of nine Zimbabwean pension funds managed by Comarton Consultants and Purebond Ltd., owned by the Kansagra family’s Solai Holdings, has taken most of the placement.

Another 1.9 million shares have been reserved for Zimbabwean residents, while 157 employees of Kavango’s local subsidiaries will receive share awards.

Purebond subscribed for 259.2 million shares, underscoring the Kansagra family’s commitment. Through Solai Holdings, the brothers Bhupendra, Rajni, and Ramesh Kansagra have built a broad business presence across Africa and the UK, spanning agribusiness, trading, and energy.

In recent years, they have steadily expanded into natural resources, and their stake in Kavango adds another layer to their African investments.

Zimbabwe listing boosts Kavango’s capital access

For Kavango, the Zimbabwe listing provides access to a hard-currency capital market while allowing broader participation from local investors.

It also strengthens ties with domestic institutions, particularly Comarton’s pension fund consortium, which subscribed for 69.4 million shares. That same consortium had earlier extended a $5 million convertible facility to help fund project development.

The company is advancing work at its 100 percent-owned Hillside project in the Filabusi Greenstone Belt, alongside other assets such as the Nara project.

Funds raised from the listing will support mechanised mining at key targets including Nightshift, Steenbok and Bill’s Luck. Kavango is also preparing for admission to London’s Main Market on September 19.

Chief Executive Ben Turney described the Victoria Falls listing as a pivotal moment. “By anchoring investment from both international partners and Zimbabwean pension funds, we are laying the foundation for Kavango’s shift from exploration to production,” he said.

Kansagra family strengthens mining stake

Founded in 2017, Kavango Resources Plc has grown steadily across southern Africa, with Zimbabwe now taking a central role in the company’s plans.

Its secondary listing on the Victoria Falls Stock Exchange, supported by the Kansagra family and local pension funds, reflects renewed confidence in Zimbabwe’s mining sector and raises hopes for stronger governance and transparency.