By Staff Reporter
Kuvimba Mining House, a gold and nickel miner, says it is embarking on an aggressive growth plan that will include acquisition of new miners and upgrading some of its asset as it seeks to dominate Zimbawe’s mining industry.
David Brown, the Kuvimba CEO, told The Standard that the miner wants to tap into Zimbabwe’s vast mineral resources and deepen its roots in the country.
Kuvimba owns Freda Rebecca, Shamva and Jena gold mines, which produce about 300kg of the precious mineral monthly as well as Bindura Nickel Corporation, which produces about 550 tonnes of nickel per month.
It also owns the Darwendale Platinum project trading as Great Dyke Investments and a significant chrome venture, Zimbabwe Alloys Limited, as well as various mining assets which are in excess of 1 70 000 hectares.
“As part of our aggressive growth plans, Kuvimba is in the process of acquiring other gold mines, which we will announce as and when appropriate,” Brown said.
“Furthermore, Kuvimba will expand its exploration programmes to a number of its current claims to seek new gold targets.”
He added: “Currently we are processing 35 000 tonnes of ore at Freda Rebecca milling plants, which will increase to 40 000 tonnes of ore within the next six months.
“We are also assessing if we can refurbish the Shamva gold processing plant, but firstly need to ensure that we establish a new tailings facility which could be in construction by June 2022.”
“Management are of the strong conviction that this is the right time to expand Shamva in order to reach its full potential because of its in situ resource, which is estimated to be over four million ounces.”
The expansion of Shamva mine, he said, would see the project being catapulted to become the largest gold mine in the country, producing an estimated 400kg of gold bullion per month, translating to 4.8 tonnes of gold bullion per annum.
“Freda Rebecca Gold Mine, our flagship operation, will produce approximately 90 000oz
(2 800kg) of gold in the current financial year ending March 2021,” Brown said.
“Through the recapitalisation programme and a remarkable management team, Freda Rebecca overcame numerous challenges and achieved an impressive 38% improvement in gold production during the current financial year.
“Jena Mine has the potential to become a mid-tier gold producer within the next 12 to 24 months, producing 300kg of gold in this financial year and with the appropriate capital investment, could be producing 1 000kg per annum incrementally within the short to medium term.
“In addition to the operating assets, Kuvimba also has in its stable a number of non-operating assets, which includes Golden Kopje, Elvington and Sandawana mines,” Brown said.
“These mines are currently being evaluated to determine their production potential.”
He said Kuvimba Mining House mining revenue stood at US$24 million a month and expected revenue was US$250 million at the end of this financial year.
“As we speak, Kuvimba is the largest gold producer, the only nickel producer, and is one of the top ten largest exporters in Zimbabwe,” Brown said.
“Kuvimba also aims to invest over US$1 billion in development of these assets through cash generated from mines and debt, apart from listing on the Victoria Falls Stock Exchange to attract direct foreign investments.”