Mining

Kuvimba sets aside US$30 mln for exploration

September 8, 2023

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Kuvimba CEO Simba Chinyemba with one of the ED-UNZA beneficiaries

Itai Ndongwe

HARARE – Kuvimba Mining House has set aside US$30 million capex budget for exploration activities across its claims as it continues its programme of restarting the mines under its portfolio.

KMH chief finance officer Innocent Rukweza told journalists on the sidelines of the group’s donation to ED-UNZA that exploration activities have commenced across the portfolio claims. The mining house is also scouting for prospects on some of the claims, which they would want to buy.

“We have a number of projects lined up. We have a project of reviving and restarting the mines that we have, with confidence to recover the investment that we put in.”

Kuvimba was established and registered in September 2020, with the government owning 65% and Ziwa Investments, another privately registered Zimbabwe firm, owning the remainder. It is the owner of the Freda Rebecca Gold Mine, the Shava Mining Company, the Jena Gold Mines, the Homestake Mines, Bindura Nickel Corporation, the Sandawana Mines, Zimbabwe Alloys Ltd, and the Great Dyke Investments.

Rukweza said to date, Kuvimba had spent an excess of $150 million in capex, which went towards resuscitating some of the mines and upgrading those that are in operation.

Meanwhile, Kuvimba has sponsored five students under ED-UNZA Scholarship Trust providing their entire tuition fee and $500 allowance, as well as HP Laptops, for their honours undergrad degree in mining and geological studies at the University of Zimbabwe.

The group will also provide the students with industrial attachments and positions after they complete their degree.

“We answered that call when it was made to us. We would like to increase the number of students particularly women going forward. Consequently, we would like to sponsor students specifically for mining-related degrees but with a good mix,” CEO of KHM Simba Chinyemba said during the event.

To date the ED-UNZA Scholarship has awarded bursaries to 44 students, half of which are studying at the University of Zambia where President Mnangagwa did his tertiary education. The Trust is chaired by Herbert Nkala.