Zimbabwe’s new mining investment entity Kuvimba Mining has declared a staggering US$5,2 million in dividends to key shareholders in its first year of operation.
The entity was established to take over and revive distressed mining companies, with some key gold mines now falling under its ambit.
According to management, the dividend is based on unaudited figures, “but the board felt that given the underlying performance of its subsidiary companies the dividend was appropriate.”
The US$5.2 million will be distributed as follows:
• Sovereign Wealth Fund of Zimbabwe – US$520,000;
• Public Service Pension Management Fund – US$560,000;
• Deposit Protection Corporation – US$400,000;
• Insurance and Pensions Commission – US$400 000;
• Datvest Nominees – US$1 million;
• National Venture Capital Company of Zimbabwe (Pvt) Ltd- USD 600 000; and
• Government of Zimbabwe US$1.72 million.
Said Kuvimba Mining chairman Justin Mupamhanga:
“Kuvimba has taken its rightful place in the economy by contributing directly towards the attainment of the Mining sector vision of delivering a $12 billion mining industry by 2023, which anchors the National Development Strategy 1 (2021-2025), and thus ensuring the President’s vision is attained.
“The NDS1 also places prominence on equality of opportunities and non-discrimination, as well as empowerment of Zimbabwean citizens, a principle summarised as “leaving no-one and no place behind”.
“It is in this vein that the company has moulded itself around a diverse shareholder base that is responsive to inclusive development, and embraces all of Zimbabwe’s citizens.”
Eighteen months ago, Shamva Gold Mine, Homestake and Zimbabwe Alloys were all under judicial management with uncertainty hovering over the heads of employees and communities.
This has since changed.
The gold companies have performed well with Fredda Rebecca Gold Mine leading the pack which produced on average, between 1,500kg and 2,100kg of gold per annum.
Within the first year of full ownership of this mine, KMH has managed to increase gold production to 2,690kg.
This is a substantial improvement from the previous year. The plan for the current financial year is to increase production to 3,215kg of gold per annum.