en.Wedoany.com Reported - According to Zimbabwe Mining, Kavango Resources plc indicated that its long-awaited acquisition of the Nara Gold Project in Zimbabwe is nearing completion, signaling potential progress after months of regulatory and administrative delays.
The mining company listed on the Victoria Falls Stock Exchange confirmed it has signed a deed of variation with the vendor, outlining the final steps required to conclude the transaction under the original call option agreement signed in June 2023. Kavango exercised its option in July 2025 to acquire 100% of the 45 mining claims, but the completion timeline has been repeatedly postponed due to processing the requirements for transferring mining titles in Zimbabwe.
The process required approval from the Mining Commissioner and verification of each claim's compliance with statutory obligations such as fees, minimum work requirements, and environmental standards, leading to the initial deadline being pushed from December 2025 to February 2026, then to March, and finally becoming uncertain.
In the latest update on the transaction, the company stated it has resolved key outstanding issues surrounding the deal structure and execution, indicating completion is now close. Executive Chairman and Interim CEO Peter Wynter Bee said, "We are delighted to be kickstarting the Nara project. The company is committed to building on the success of the Nara Gold Project for the benefit of shareholders and the local community." He added that Kavango is evaluating the co-location of its exploration teams to enhance efficiency and support the development of various projects.
Kavango and the vendor have signed a deed of variation to the call option agreement dated June 23, 2023, to address the mechanics of completion, which is expected to occur in the near term. Kavango has transferred the remaining payment into an escrow account, to be released to the vendor upon finalization of documents. Both parties are currently discussing the potential acquisition of the operating company, Romjack Mining (Pvt) Ltd, to enable Kavango to seamlessly continue current operations at Nara.
The acquisition of the Nara Gold Project is central to Kavango's strategy to transition into a gold producer, providing near-term cash flow to support its broader exploration portfolio. The prolonged delays also reflect the extent to which Zimbabwe's administrative processes can impact transaction timelines, even when commercial terms are agreed upon. For multi-claim assets like Nara, the administrative burden is significant, highlighting broader capacity constraints within the system. Kavango has consistently maintained that both parties remain committed to completing the deal, and the latest update suggests the transaction is now in its final stages.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
