Hard data behind the Zimbabwe value-addition thesis.
A February 2026 raw-export ban has made beneficiation mandatory — turning Zimbabwe's mineral endowment into a processing opportunity, priced in dollars.
Why now.
Sources: MMCZ, RBZ, MINING.COM, IEA, World Bank commodity briefs (May 2026).
What we invest in, how, and where we say no.
Beneficiation, not extraction
Capital is allocated to processing — ferrochrome smelting, lithium sulphate, gold tolling — not to raw-mineral exposure. Aligned with Feb 2026 export-ban policy.
Concession-backed cash flow
Hunting, tourism and mining concessions provide statutorily-protected USD revenue streams under ZPWMA, ZTA and Ministry of Mines frameworks.
Structured, not direct
All investor capital sits in US and SA accounts. Zimbabwean exposure is contractual (offtake, leases, royalties) — not balance-sheet.
Targets
- Ferrochrome smelting JVs (Great Dyke)
- Lithium sulphate / hydroxide beneficiation
- Gold tolling operations (Fidelity-channelled)
- Hunting / tourism concession acquisitions
- USD trade finance for processed exports
- Mining concession brokerage & roll-ups
Out of scope
- Direct raw-mineral export (now illegal)
- Greenfield exploration without offtake
- ZWG-denominated working capital
- Counterparties on OFAC / UN / EU lists
- Distressed gold smuggling channels
- Single-asset agricultural concentration
What the underlying deals target.
The headline 2.0–2.5× net is the pooled fund, after fees. On the single-asset deals — the minerals processing and concessions themselves — the targets run higher.
Indicative target net IRR (USD); forward-looking and not guaranteed.
See the full return profile→