MINISTER of Finance and economic Development Professor Mthuli Ncube said government’s 65 percent shareholding in Kuvimba Mining House will benefit interest groups and the country’s citizens at large.
Kuvimba Mining House is a joint venture between government which owns 65 percent and international consortium which owns 35 percent.
The Mining Group’s 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.
Addressing stakeholders after receiving share certificates from Kuvimba Mining House Chief Executive Officer David Brown, Professor Ncube explained interest groups that would benefit from the ppartial privatisation of the mining sector.
“Vision 2030 seeks to turn Zimbabwe into an upper middle income economy and under NDS1, the gold sector is a key contributor for the achievement og the economic blue print tragets. The value is estimated at USD 1,5 billion which will benefit war veterans, pensioners, government pension fund, farmers deed of settlement and citizens in general,” he said.
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.
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.
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