Zivanai Dhewa
… to achieve the US$12billion Mining Economy by 2023
The Minister of Finance and Economic Development, Professor Mthuli Ncube commended Kuvimba Mining House (KMH) for its efforts to awaken the Zimbabwean economy by unlocking value from various minerals.
Speaking at the occasion of Dividend Pay-out ceremony to shareholders of KMH, Minister Mthuli said, “The Mining House is playing its role in ensuring that Government vision of a US$12billion Mining Economy by 2023 is achieved.
“By playing its part, Kuvimba is thus contributing not only to the attainment of National Strategic objectives under the NDS1, but the pursuit of Vision 2030,” said Prof Mthuli.
In a statement, KMH revealed how it was able to resuscitate mines that were in distress and under judiciary management and turned them into viable entities that can now significantly contribute to the country's GDP.
“18 months ago, Shamva Gold Mine, Home Stake and Zim Alloys were all under judiciary management with uncertainty hovering over the heads of employees and communities. This has changed.
“The most exciting prospect lies within Shamva Gold Mine. Once fully developed, Shamva has potential to become the largest gold mine in Zimbabwe by output and will target an annual production of 3.500kgs of gold per annum,” read the statement.
Reiterating Minister Mthuli’s sentiments, KMH emphasised the need for the private sector to partner Government for purposes of attaining Vision 2030.
“KMH is playing its role of ensuring that Government’s vision of a US$12 billion dollar mining economy is attained. KMH embraces the notion that Zimbabwe is Open for Business and its testament of how viable it is for the private sector to work together with the public sector towards attaining Vision 2030 in order to achieve a prosperous and Empowered Upper Middle Income Society by 2030,” KMH statement read.
Meanwhile, KMH has paid its maiden dividend,US$5.2 million which was distributed amongst its stakeholders with Sovereign Wealth Fund of Zimbabwe receiving US$ 520,000, and Public Service Pension Management Fund receiving US$560 000, Deposit Protection Corporation and Insurance and Pensions Commission both got US$500 000 each, while Datvest Nominees and NVCCZ (Pvt) Ltd received US$1 million and US$600 000 respectively and the Government of Zimbabwe got US$1.720million.
In his acceptance speech of the dividend, Minister Mthuli emphasised Government’s willingness to partner the private sector and its renewed commitment to foster economic growth.
“As we accept the dividend pay-outs from KMH today, let us not lose sight that these resources represent the renewed commitment by Government to foster economic empowerment to the people of Zimbabwe, including but not limited to women and youths, veterans of the liberation struggle through the National Venture Fund administered by the National Venture Capital company of Zimbabwe (NVCCZ),” said Minister Mthuli.
KMH's portfolio includes Fredda Rebecca, Bindura Nickel Corporation, Shamva Gold Mine, Jena Mine, Elviyton Mine, Sandawana, Home Stake, Zim Alloys and an Investment in Great Dyke Investment (GDI) and it employs 4000 workers in total.
