Zimbabwe's mining sector has the potential to become a global mining powerhouse, according to law firm NSDV. However, economic and political challenges have hindered progress and made Zimbabwe a high-risk mining destination. NSDV experts highlight that addressing currency risk issues would attract more foreign and local investors, providing much-needed funding for junior to mid-tier miners to leverage Zimbabwe's abundant natural resources. One innovative development is the Victoria Falls Stock Exchange (VFEX), a subsidiary of the Zimbabwe Stock Exchange, which incentivizes listings by enabling capital raising in hard currency. The mining sector plays a critical role in Zimbabwe's economy, contributing approximately 12% to the country's GDP and accounting for around 75% of export earnings in 2022. Despite some skepticism, the Zimbabwean government remains optimistic that mining output will reach $12 billion by the end of the year. Unfavorable and uncertain exchange control, currency, and fiscal policies pose significant deterrents to investing in Zimbabwe's mining sector. NSDV experts emphasize the need for investors to have confidence in their ability to invest and repatriate gains without restrictions, which is currently lacking due to prevailing laws and economic conditions. While large multinationals can manage foreign currency risk, junior to mid-tier miners face challenges in raising capital for capital-intensive projects. Nevertheless, the VFEX provides an avenue for international investors to enter Zimbabwe without currency risk. The success of the VFEX is evident from its significant market value increase of over 400% in the past year, reaching $1.4 billion, with over $13 million worth of stocks traded in Q1 2023. The VFEX has also created a listing procedure specifically applicable to junior mining companies, allowing them to raise funding. Caledonia Mining Corporation's listing on the VFEX in 2021 exemplifies the funding potential, as it received strong support from Zimbabwean investors, raising $7.8 million, surpassing its target of $3 million. The capital raised was used, in part, to fund a solar photovoltaic plant, reducing on-mine costs.