United Kingdom-based mining firm Ariana Resources says the value of its Dokwe Gold Project in Zimbabwe has surged to more than US$1 billion following an updated pre-feasibility study that points to stronger production prospects, increased reserves and improved long-term returns.
The revised study places the project’s pre-tax net present value at approximately US$1.06 billion, a significant jump from earlier estimates, as the company pushes ahead with plans to develop one of Zimbabwe’s largest undeveloped gold deposits.
Located in Tsholotsho District near Bulawayo, the Dokwe Gold Project is expected to operate in two phases over a projected 20-year lifespan. Ariana said the first phase will involve open-pit mining over 12 years with annual production averaging around 80 000 ounces of gold, while a second stockpile-processing phase is expected to continue for another eight years at lower production levels.
Overall output across the life of the project is projected at 1.06 million ounces of gold, with peak annual production forecast to reach 100 000 ounces.
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The updated figures also show a major increase in ore reserves at Dokwe North, which rose by about 42 percent to 1.13 million ounces of gold. Ariana attributed the improvement to updated geological modelling, optimisation work and stronger gold price assumptions.
The company estimates initial capital expenditure for the project at around US$164 million, while the mine is expected to recover investment costs within roughly one year after production begins.
Earlier studies conducted in 2024 had placed the project’s value at around US$160 million with projected output of about 60 000 ounces annually, showing how significantly the economics have strengthened over time.
Ariana has increasingly positioned Dokwe as its flagship African development asset since acquiring the project through its merger with Rockover Holdings. Recent drilling campaigns and updated resource estimates have expanded the project’s mineral base to around 1.6 million ounces of gold.
The miner recently secured fresh funding to support continued development work after selling part of its stake in Turkish gold producer Zenit, raising net proceeds of about US$17.2 million. The company said the funds will help advance feasibility studies and further drilling activities at Dokwe.
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