Ariana and Xinhai move to fast track Dokwe feasibility with AU$11 million strategic package

Dokwe Mine

By Staff Reporter

UK‑listed Ariana Resources and Hong Kong Xinhai Mining Services are finalising technical services agreements to accelerate the Dokwe Gold Project in Zimbabwe, after Xinhai completed the first tranche of a binding strategic investment. The Chinese mining group acquired a 10.19% stake in Ariana through Tranche 1, delivering AU$8 million (US$5.57 million) in immediate funding to support working capital, metallurgical test work, and the definitive feasibility study (DFS). Under the December binding agreement, Xinhai has committed up to AU$11 million (US$7.66 million) via a mix of equity and technical services to progress Dokwe toward production.

Ariana says the strategic investment is designed to accelerate the DFS programme and position Dokwe for rapid development. The partnership grants Xinhai the right, subject to regulatory approvals, to nominate a director to Ariana’s board, signalling a deeper operational and governance role for the Chinese partner. Further tranches of funding are contingent on the achievement of technical and feasibility milestones, aligning investor support with project delivery.

The immediate AU$8 million injection is earmarked for critical pre‑development activities: detailed metallurgical test work to refine recoveries and processing routes, expanded resource definition where required, and completion of the DFS, the document that underpins capital estimates, mine design, and financing plans. Ariana emphasised that Xinhai brings global delivery capacity for large‑scale mining projects and already maintains a substantial presence in Zimbabwe, making it a pragmatic partner for advancing Dokwe.

Shareholders will consider resolutions related to the strategic investment and future equity issues at Ariana’s general meeting scheduled for 25 February. The company has circulated notices on the ASX and AIM outlining the terms of the binding definitive agreement signed on 22 December 2025. Ariana framed the deal as an opportunity to “build a lasting partnership capable of unlocking the value of the Dokwe Project through the acceleration of the definitive feasibility study programme, with a view to progressing Dokwe to production as swiftly as possible.”

Market observers note several potential benefits and risks. On the positive side, the partnership provides immediate funding, technical support, and a pathway to de‑risk the DFS phase, a common bottleneck for junior miners seeking project finance. Xinhai’s technical services could shorten timelines and improve the robustness of metallurgical and processing assumptions, enhancing bankability. The ability to nominate a board director also offers Xinhai influence over strategic decisions, which can align incentives but may raise governance questions for minority shareholders.

Risks include execution and integration challenges, regulatory approvals for foreign board representation, and the conditional nature of further funding tranches tied to technical milestones. Ariana will need to demonstrate clear progress against DFS deliverables to unlock subsequent tranches and to attract project financing for construction.

Ariana and Xinhai are reportedly negotiating the scope and terms of the Technical Services Agreements that will define deliverables, timelines, and performance metrics for the DFS. If approved by shareholders and regulators, the partnership could materially advance Dokwe from study to development, offering a near‑term pathway to production that would contribute to Zimbabwe’s mining sector growth and local economic activity.