Zambezi Crescent to Acquire Full Control of Malachite Camp as Zimbabwe Approves Zimparks Buy-Out
The government of Zimbabwe has given the green light for Zambezi Crescent to acquire the Zimbabwe Parks and Wildlife Management Authority’s (Zimparks) 50% stake in the Zambezi Joint Venture, paving the way for Zambezi Crescent to develop and operate Malachite Camp in Victoria Falls. This strategic move is set to unlock new capital, streamline operations, and reposition both partners for future growth in the region’s competitive tourism landscape.
Information Minister Jenfan Muswere confirmed the Cabinet’s approval, highlighting that the buy-out will enable Zambezi Crescent to inject additional capital, strengthen its strategic control, and enhance operational efficiency at Malachite Camp. For Zimparks, the decision marks a shift towards a more focused domestic tourism strategy, while also relieving the authority of the budgetary pressures associated with meeting its previous 50% capital commitment in the joint venture.
Under the new arrangement, Zimparks will retain 100% legal ownership of the land asset and benefit from guaranteed annual lease fee revenue, ensuring a steady income stream without the operational and financial risks of direct involvement. This model allows Zimparks to realign its resources and priorities, while still participating in the long-term value generated by the site.
The Zambezi Joint Venture, established around 2021, was initially designed to revitalize the underperforming Zambezi Camp Lodges, strategically located along the banks of the Zambezi River. The original agreement saw Zimparks and Zambezi Crescent sharing profits on a 50/50 basis, with Zambezi Crescent responsible for capital investment and Zimparks providing exclusive rights to the use of the lodges and their surroundings. The partnership aimed to upgrade the lodges to market-related standards and improve their overall performance, with a total investment of over US\$3 million earmarked for the project.
However, challenges in meeting capital obligations and operational demands prompted a reassessment of the joint venture structure. The approved buy-out plan is expected to unlock further investment from Zambezi Crescent, enabling the company to implement its vision for Malachite Camp more efficiently and with greater autonomy. This, in turn, is anticipated to enhance the camp’s appeal to both domestic and international visitors, supporting the broader tourism ecosystem in Victoria Falls.
For Zimparks, the move is part of a wider strategic realignment, allowing the authority to focus on its core mandate of conservation and domestic tourism development. By shifting from an operational partner to a landlord role, Zimparks can reduce its exposure to financial risk while still benefiting from the commercial success of the site. The guaranteed lease revenue provides much-needed budget certainty, supporting ongoing conservation and community initiatives elsewhere in Zimbabwe’s protected areas.
This development also reflects a broader trend in Zimbabwe’s tourism sector, where public-private partnerships and asset-light models are increasingly being used to attract investment, improve service standards, and unlock value from underutilized assets. The government’s willingness to approve such buy-outs signals a pragmatic approach to tourism development, prioritizing efficiency, sustainability, and the long-term interests of both the state and private sector partners.
For Africa’s travel industry professionals, the Zambezi Crescent buy-out offers a case study in how strategic restructuring and targeted investment can revitalize iconic destinations. As competition intensifies across the region, the ability to adapt partnership models and align incentives will be key to unlocking new growth and delivering world-class experiences for visitors. The Malachite Camp project, under Zambezi Crescent’s stewardship, is now well-positioned to set new benchmarks for hospitality and conservation in Victoria Falls and beyond.
