By A Correspondent| Government has clarified on the ownership structure of Kuvimba Mining House, effectively putting an end to claims of Businessman Kudakwashe Tagwirei’s involvement in the consortium.
According to Finance and Economic Development Minister Professor Mthuli Ncube, Government has a 65 percent shareholding with the international investors owning 35 percent.
President Mnangagwa officially opened the Shamva Gold Mine on Friday, which resumed operations in May on the back of fresh capital from the shareholders.
The reopening of the mine saw 800 workers who had been laid off being reengaged as Government continues creating employment for its people.
Receiving share certificates from Kuvimba mining House Chief Executive Officer, David Brown, Finance and Economic Development Minister, Professor Mthuli Ncube said the company will generate funds that will go towards achieving inter-generational equity.
“Its value is estimated at 1.5 billion dollars. The mining assets will attract massive investment over the next years giving dividend to shareholders. It will benefit the youth, war veterans, pensioners, depositors whose monies were eroded.
This is a way of achieving partial privatisation with government owning 65% of the shares in the mining group while 35 % is held by a number of investors,” he said.
Mines and Mining Development Minister, Honourable Winston Chitando applauded extensive exploitation of the resource at Shamva Mine.
“What we are here to witness the fruits of Zimbabwe is Open for Business mantra which resulted in the inflow of capital and focus to witness direction of this particular mine. Focus by shareholders and support from the Executive, we are witnessing a five-fold increase in production at this mine. Had a 30 thousand tonnes record broken to 40 thousand tonnes and hope to increase to 150 thousand tonnes supported by exploration and funding,” he said.
It is believed that the success of this project will catapult Shamva Gold Mine into the largest gold mine in the country, producing an estimated 400 kg of gold bullion per month, which translates to 4.8 tonnes of gold bullion per annum.
The Kuvimba mining portfolio spans across Freda Rebecca Gold Mine; Shamva Gold Mine and; Jena Mine. The nickel operating mine is Trojan Nickel Mine trading under Bindura Nickel Corporation while the platinum asset is Darwendale Platinum project trading under Great Dyke Investments and the Chrome venture which is Zimbabwe Alloys Limited.