en.Wedoany.com Reported - UK-listed mining company Ariana Resources has increased the valuation of its Dokwe gold project in Zimbabwe's Matabeleland North Province to over US$1 billion, following a 42% increase in proven and probable reserves to 1.13 million ounces. The revised pre-feasibility study shows a pre-tax net present value of US$1.06 billion based on a gold price of US$4,250 per ounce, with initial development costs estimated at US$164 million.

The project upgrade comes as Zimbabwe promotes its gold-backed ZiG currency, giving gold greater strategic importance. In 2025, gold generated a record US$4.61 billion in export revenue for the country, becoming its largest source of foreign exchange. Dokwe is designed as a 20-year mining operation, with the first 12 years as open-pit mining followed by 8 years of processing stockpiled ore. At peak production, the mine is expected to produce 100,000 ounces (approximately 3 tonnes) annually, accounting for 6% of Zimbabwe's 2025 national production target of 50 tonnes. Average annual production is expected to be around 80,000 ounces, comparable to Caledonia Mining Corporation's Blanket mine, which produced approximately 75,000 ounces in 2024. The project will rank among Zimbabwe's major gold mines but will trail behind Freda Rebecca and the Bilboes project, which is expected to produce over 160,000 ounces annually once fully operational.

Ariana estimates the mine could generate nearly US$2 billion in EBITDA over its life cycle, with a payback period of approximately one year and an internal rate of return of 92%. The Dokwe project, located about 110 kilometers west-northwest of Bulawayo, includes the Dokwe North and Dokwe Central deposits discovered in 2002. As the project moves into the construction phase, the Tsholotsho district will become a key node in Zimbabwe's gold production landscape. The country is also advancing other major projects, including Caledonia's Bilboes project and Namib Minerals' Mazowe and Redwing operations.

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