Metals exploration and gold production company Kavango Resources celebrated its listing on the Victoria Falls Stock Exchange (VFEX), in Zimbabwe, becoming the seventeenth company to join the exchange, which is celebrating its fifth year of trading.

Speaking during the listing ceremony on September 26, VFEX chairperson and nonexecutive director Caroline Sandura said that the addition of Kavango brought new opportunities for investors and a new chapter in the journey of building a modern financial marketplace in Zimbabwe.

She said the market had already shown considerable confidence in Kavango, as evidenced by its performance on its inaugural day of trading on the VFEX on September 8, when Kavango closed the trading session with a 20% increase over its listing price.

“This immediate positive reception underscores the market's strong belief in Kavango's potential and solidifies its position as a promising new entrant.

Kavango comes to us with a vision anchored in mineral exploration across Southern Africa. This vision ties in perfectly with Zimbabwe's broader aspiration to unlock the full potential of the region's natural resources.

“By joining the VFEX through a secondary listing, Kavango signals to the world that it is ready to operate with the double-layered transparency, governance and investor engagement that a public listing requires. This is a significant endorsement of the work we have been doing to create a platform that is attractive, credible and globally competitive,” Sandura said.

She added that Kavango’s listing had come at an opportune time, as the exchange was at an advanced stage of launching a commodities exchange that will facilitate the trading and settlement of different minerals.

Zimbabwe Investment and Development Agency chief investment promotion officer Silibaziso Chizwina commended Kavango for its confidence in Zimbabwe's mining sector and its commitment to working with local partners for development.

“This aligns with and is consistent with the agency's mandate to attract and facilitate investment into the country. Kavango's continued drive to showcase opportunities in the country is giving us, as a country and an agency, real visibility.

“The path and process that Kavango has taken, especially the focus on exploration before extraction, is one that we sincerely hope can be emulated by other local and foreign mining houses in the country,” she said.

Kavango CEO Ben Turney said that, since the company’s entrance into Zimbabwe in 2023, it had made four discoveries and drilled more than 16 000 m, investing more than $16-million into the country.

“We've been operational in Zimbabwe now for two years and I believe we have proven, without any shadow of doubt, that Zimbabwe is open for business. We've invested into our team, the local community and the local infrastructure. We are now at the point of bringing two of our discoveries into production. Zimbabwe is one of the fastest environments that a company like ours can grow in.

“Despite a lot of what is said internationally about Zimbabwe, I have to say to you, most of that is complete rubbish. Most of what is said about Zimbabwe internationally is just simply not true. Our experience here on the ground has shown that, not only is this an excellent place to do business, where you can move extremely quickly, but it's an incredibly well educated population who are incredibly hard working and entrepreneurial,” he said.

Zimbabwe Provincial Affairs Minister Richard Moyo also spoke at the ceremony, stating that Kavango’s decision to invest in the country was a strong vote of confident in Zimbabwe's vision for inclusive sustainability development.

“This partnership brings a real opportunity, jobs for our youth and growth for local business. But above all, it brings a chance to manage our resources wisely so that the wealth benefits can translate into lasting prosperity for our people,” he said.

Moyo credited fellow Zanu-PF comrade and Zimbabwe President Emmerson Mnangagwa for creating a stable and transparent environment that welcomed responsible investments.

“May this be start of a partnership that uplifts communities, strengthens our economy and brings pride to every Zimbabwean,” he said.