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Kuvimba Mining House Buys 50% Of Great Dyke Investments Stakes

Kuvimba Mining House Buys 50% Of Great Dyke Investments Stakes

Diversified mining group Kuvimba Mining House (KMH) has purchased 50% of Great Dyke Investments (GDI) shares from Afromet Joint Stock Company, making it the largest shareholder in the platinum operation.

This week, Russia’s VI Holdings said it had exited GDI, triggering fears that the biggest platinum project in Zimbabwe might flop.

In a statement, Russia’s VI Holdings said its decision to exit the project is “in connection with the global sanctions imposed by Western countries against Russia, which naturally also applies to Russian investments abroad”.

Kuvimba has invested in rebuilding defunct Zimbabwean mines in the past year, with interventions at Freda Rebecca Gold Mine, Bindura Nickel Corporation, Shamva Gold Mine, Jena Mine, Elvington Mine and Zim Alloys to help them return to, or scale up production.

The board said in a statement yesterday:

The board of directors of Kuvimba Mining House is pleased to announce that the company has concluded negotiations to purchase 50% of the shares in Great Dyke Investment (GDI) from Afromet Joint Stock Company.

GDI is a platinum group metals mining company in Darwendale, in the Great Dyke. The Great Dyke is the largest system of Platinum Group Metals mineralisation in the world. This acquisition will have a material impact on the value of KMH as it continues to take its rightful place in the economy.

Last year, KMH declared its first dividend, paying US$5.2 million to investors after it reported record production.

The government, the largest investor in the mining company with a 21.5 % stake, received US$1,7 million from the war chest.

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6 Comments

Asalif 2 months ago

Those Russian guys were just names used the sole proprietor of these companies is Tagwirei partnership with the government which is given peanuts in returns , is there any professional in mining industry who works for the government besides seasonal lectures at the school of mines


Zim 1 2 months ago

ko Tagwirei akazodii neRufaro stadium


Kanda 2 months ago

😂😂😂😂 arikutsvaga mbiri mface anonzi Tagwirei and I think he is number 1 Zanu pf sponser like Rautenbach used to do , it's only a matter yekuti shamwari yako haisi shamwari yangu he was Mugabe's best friend but naGeneral zvowirirana

Chawabvunza 2 months ago

This Russian Company is blaming sanctions imposed on Russia by EU, Britian and the United States of America after Russia invaded Ukraine. This is just a scapegoat because this company has been in this business venture for more than 10 years without anything materialising. Its going is good riddance.

NYIKA INOURAIWA NE MBAVHA DZAYO.

NGAAPINDE HAKE CHAMISA [NHC].

[VOTE CCC FOR REAL CHANGE].


Jah🇿🇼Tsvarie-07 2 months ago

Koo Dyke uyo ndiye here wai trainer masoja kare 🤔


Asalif 2 months ago

😂😂😂 You did not study geography at high school even primary you learn about it Great dyke is that belt which has most of the country's minerals and that is where the country's wealth is


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