- Major capital is flowing into new Zimbabwean gold, platinum and lithium developments
- The IMF says Zimbabwe’s economy grew 8.3% in 2025 and is forecast to expand about 5% this year
- Ariana is focusing its capital and attention on advancing the 1.6Moz Dokwe gold project
Special Report: Ariana Resources is putting its 1.6Moz Dokwe gold project at the centre of its future as hundreds of millions of dollars flow into new mines and Zimbabwe’s economy and gold sector gather momentum.
Ariana Resources (ASX:AA2) owns 100% of Dokwe and is simplifying its other interests while strengthening its balance sheet.
Its latest optimised PFS increased Dokwe’s mineral resource by 13% to 1.6Moz and its ore reserve by 42% to 1.13Moz.
The study outlined a 2.5Mtpa development producing about 80,000ozpa during an initial 12-year open-pit phase, followed by eight years of stockpile processing, for total life-of-project production of 1.06Moz and peak production of around 100,000ozpa.
At a US$4,250/oz gold price, the PFS generated a post-tax NPV10 of US$740 million, a 92% IRR and an approximate one-year payback period from commissioning.
Ariana is now advancing definitive feasibility work while exploration continues around Dokwe, including mineralisation identified beyond the existing resources at Dokwe North and Dokwe Central.
Zimbabwe attracts fresh mining capital
Dokwe is advancing against a changing investment backdrop in Zimbabwe.
Construction is advancing at Tharisa’s Karo Platinum project, where US$241 million had been committed by H1 2026 towards development of the major new PGM operation.
The mining contractor has mobilised to site, earthworks are complete and civil works were around 80% finished. Karo Phase 1 is expected to produce around 220,000oz of platinum group metals annually once developed.
Gold is attracting capital, too. In January, Zimbabwe-focused Caledonia Mining went to US institutional investors seeking US$100 million through a convertible note issue as part of its strategy to advance the Bilboes Gold Project.
After just three days of marketing, demand exceeded US$600 million. The offer was upsized and ultimately closed at US$150 million.
For Ariana, the raising provides a relevant recent precedent for a Zimbabwe-focused gold developer attracting substantial US institutional capital.
In July, state-owned Mutapa Energy Resources secured US$300 million from a group of investors including Chinese entities to develop its lithium operations.
Zimbabwe accounted for about 10% of global mined lithium production in 2025, according to US Geological Survey data cited by Bloomberg, following substantial investment by Chinese mining and processing groups.
Economy on the mend
This capital is arriving as Zimbabwe’s economy improves.
The IMF says GDP expanded 8.3% in 2025 and expects growth of around 5% in 2026, supported by agriculture, strong mining activity and favourable gold prices. Inflation has also fallen sharply, helped by tight monetary conditions and relative exchange-rate stability.
Zimbabwe is under a 10-month IMF Staff-Monitored Program aimed at strengthening macroeconomic management and building a track record towards arrears clearance, debt restructuring and greater international engagement.
The IMF said implementation through the end of March was satisfactory, with all quantitative targets and the end-March structural benchmark met.
Mining is central to the recovery. Chamber of Mines figures put the sector at around 14.5% of GDP, generating approximately US$7.7 billion in annual output and more than 45% of foreign currency inflows.
After growing 7.3% in 2025, mining output is projected to expand by another 10% this year.
Changing perceptions
Zimbabwe’s economic history has long weighed heavily on investor perceptions.
Currency instability, hyperinflation and policy uncertainty have left a legacy that will take time to overcome, while power, infrastructure and access to international finance remain challenges for large mining projects.
But established miners and recent capital raisings show international investors are willing to back Zimbabwean mining.
Caledonia has operated its Blanket gold mine for years and has paid dividends since 2012, while Zimplats has established a substantial long-term PGM operation in the country.
Gold stands tall
Gold has been one of the standouts, with Zimbabwe’s production rising 31% to a record 50.6 tonnes in 2025 from 38.5 tonnes a year earlier, and with further growth forecast for 2026.
The geology also provides some perspective on the country’s potential.
Zimbabwe’s Archean greenstone belts have geological similarities to the gold-rich terranes of Western Australia. Ariana notes that Zimbabwe was producing more gold than WA in 1980, before the two jurisdictions followed very different investment paths.
WA benefited from decades of intensive exploration expenditure, improvements in geophysics and drilling technology and sustained reinvestment in new discoveries.
Zimbabwe has received far less sustained modern exploration investment, despite its long gold mining history and prospective geology.
This article was developed in collaboration with Ariana Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
