Zimbabwe’s push to unlock major mining investments now hinges less on geology and more on economic credibility, a top industry executive has said.
Speaking at the Investing in African Mining Indaba, Karo Mining Managing Director Bernard Pryor revealed that while Zimbabwe’s mineral projects are technically strong, investor hesitation persists over macroeconomic stability.
Pryor said lenders are satisfied with the fundamentals — including the platinum resource base, water availability, power access and technical skills — describing the project side as “easy to sell.”
But he stressed that banks ultimately focus on fiscal consistency and currency stability before committing long-term capital.
“Lenders need fiscal stability so that they’re going to get their money back — and then their goalposts don’t move,” he said, underscoring the importance of predictable policy and monetary conditions.
Karo has already invested US$193 million into developing its Selous platinum mine and is now seeking US$178 million in project finance from banks. The company has raised an additional US$37 million through the Victoria Falls Stock Exchange (VFEX).
Once completed, the mine is expected to rank as Zimbabwe’s third-largest platinum producer. The Government holds a 15 percent free-carry stake in the project.
The remarks place renewed focus on Zimbabwe’s broader economic reforms, as the country seeks to position itself as a competitive and bankable destination for large-scale mining capital.
