Kuvimba Mining House eyes Globe & Phoenix gold mine

By Bruce Chahwanda

KUVIMBA Mining House is set to takeover Globe and Phoenix Gold Mine after the government gave the nod to the transaction which will also see the mining group acquiring other associated mines owned by an Australian company- Biometallurgical (Pvt) Ltd in Kwekwe.

The move is part of the mining giant’s efforts to resuscitate mines that have been closed over the years and will cement the group’s footprint in the extractive sector.

The other mines which Kuvimba Mining House is assessing for viability include Tiger Reef Mine, Primrose Mine and Club mine.

Finance and Economic Development Minister Professor Mthuli Ncube confirmed the development saying the Government was working on achieving a $12 billion mining sector by 2023.

Professor Ncube reiterated the shareholding structure in Kuvimba Mining House where the government owns 65 per cent while the other 35 per cent is being held by international partners fronted by David Brown.

The shareholding structure dismisses rumours within the industry that business magnet Kudakwashe Tagwirei is part of Kuvimba Mining House, a fact which was also confirmed by a further check with the Registrar of Companies which shows that Tagwirei is not part of the shareholders in companies that fall under the mining house.

“Government has been informed by the management of Kuvimba Mining House that it has made an offer to acquire Globe and Phoenix Mine,” Prof Mthuli said.

“Government as the majority shareholder in Kuvimba has endorsed this transaction and looks forward to this new asset contributing to the group.
Kuvimba’s performance will contribute immensely to the achievement of a US $12 billion mining sector by 2023.”

Globe and Phoenix Mine is located in Kwekwe.

Since the 19th century, it has produced over 4.2 million ounces of gold at an average grade of 27.6 grams per ton coming second to Cam and Motor mine.

The mine, which has been idle for the past 12 years, will make a very significant impact on the infrastructure and life of the town of Kwekwe.

“The 65 per cent Government shareholding is split as follows:
Government pension fund, War Veterans Fund, Pensions Compensation Fund (to compensate Pensioners for loses due to Feb 2019 currency reforms), Depositors Compensation Fund (to compensate depositors who had $1000 and below in banks when currency reforms took place in Feb 2019), Youth Support Fund (administered through National Venture Fund), Women’s SME Support Fund (administered by National Venture Fund) and Sovereign Wealth Fund, for future generations administered by the government,” said Minister Ncube.

Mr Brown who is Chairman of the Mining group said Kuvimba has operating assets that would contribute significantly to the country’s economic growth.

He also dismissed as baseless reports that Tagwirei was a shareholder.

“Kuvimba Mining House has three operating gold mines under Freda Rebecca namely Freda Rebecca Gold Mine, Shamva Gold Mine and Jena Mine. The nickel operating mine is Trojan Nickel Mine under Bindura Nickel Mine while the platinum asset is the Darwendale Platinum project operating under Great Dyke Investments. We also have the chrome venture which is Zimbabwe Alloys Limited.”

The reopening of Shamva Gold Mine saw more than 800 employees being taken on board.

The post Kuvimba Mining House eyes Globe & Phoenix gold mine appeared first on ZBC NEWS.

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