Turkish backed investment firm Nova Africa Resources, together with its partner AgaOne Commodities, is preparing to restart Botswana’s Mupane Gold Mine following the completion of a $21.5 million acquisition aimed at restoring one of the country’s key mineral assets.
The investors are targeting a return to production by mid 2027, with the project expected to support renewed economic activity in Botswana’s North East District and contribute to efforts to expand the country’s mineral processing capacity.
Mupane Gold Mine, located approximately 30 kilometres south east of Francistown, has historically been Botswana’s only operating gold mine. The operation began production in 2004 under Canadian mining company Galane Gold, which developed the asset before ownership transferred to Hawks Mining Company in 2022.
The mine ceased production in March 2024 after facing a combination of operational challenges, including rising costs, financial pressures and liquidity constraints. Following the shutdown, the operation was placed under care and maintenance before entering liquidation proceedings in February 2025.
The acquisition process was subject to legal proceedings after a competing bidder, Ulsan Botswana, challenged the sale. Botswana’s Court of Appeal ultimately dismissed the challenge, allowing the transaction with Nova Africa Resources and AgaOne Commodities to proceed.
The conclusion of the dispute also enabled progress towards addressing outstanding obligations to former employees. The liquidation process included provisions for the payment of approximately P49 million, equivalent to about $3.6 million, in unpaid wages owed to workers affected by the mine’s closure.
The planned revival of Mupane comes at a time when African mining jurisdictions are increasingly seeking greater local participation and value addition within the minerals sector. Botswana has long been recognised globally for its diamond industry, which remains central to its economy, but policymakers and investors have increasingly explored opportunities to diversify the country’s mineral base beyond diamonds.
As part of the redevelopment strategy, the new owners are reportedly considering the construction of Botswana’s first domestic gold refinery. If implemented, the facility would represent a move towards processing more mineral resources within the country rather than exporting unprocessed output.
Local mineral beneficiation has become a growing priority across Africa, where governments are seeking to capture greater economic value from natural resources through processing, manufacturing and the development of supporting industries. However, such initiatives also require careful consideration of infrastructure, energy availability, skills development, environmental management and market access.
For Botswana, the revival of Mupane represents both an opportunity and a test of the country’s ability to restore a previously challenged mining operation while ensuring that economic benefits extend beyond extraction. The project’s success will depend on operational performance, responsible resource management and the ability to integrate local communities and businesses into the mining value chain.
The investment also reflects continued interest from international and regional investors in Southern Africa’s mining sector, where countries are seeking partnerships that balance foreign capital, technological expertise and national development objectives.
Botswana remains one of Africa’s most stable mining jurisdictions, with its diamond sector providing a foundation for economic growth over several decades. The expansion of gold production and potential refining capacity could provide another avenue for strengthening the country’s mineral economy while contributing to broader regional ambitions for increased African ownership and value creation in natural resources.
