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Zimbabwe Mortgages Minerals To Settle US$226m Trafigura Debt

Zimbabwe Mortgages Minerals To Settle US$226m Trafigura Debt

The Government of Zimbabwe and Trafigura Group have reportedly discussed a deal that would give the latter control over the output from some of the mines of state-run Kuvimba Mining House Ltd as repayment for debts.

Zimbabwe owes Trafigura millions of dollars for fuel, with some of the contracts dating back to 2016.

Trafigura, which is one of the world’s biggest oil and metals traders, will be paid $225.6 million by nickel and gold-mining subsidiaries of Kuvimba.

In response to detailed questions from Bloomberg, the Singapore-based trading house confirmed a deal.

Under the deal, the unpaid bills incurred by the Reserve Bank of Zimbabwe would be transferred to the Finance Ministry, which has control over Kuvimba.

Kuvimba would pay Trafigura $6 million a month and retain 40% of payments to the Freda Rebecca and Shamva gold mines, as well as the nickel mines owned by Bindura Nickel Corp.

Freda Rebecca, Shamva and Bindura Nickel are subsidiaries of Kuvimba.

The agreement shows that Trafigura would also have the right to approve buyers of the metal selected by Bindura and would have the right of first refusal on the metal.

It would also have the right to buy the gold produced by Freda Rebecca and Shamva.

The agreement also says the payments to Trafigura won’t be subject to tax and the transaction documents won’t need to be lodged with any authority in Zimbabwe.

More: NewZimbabwe.com

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16 Comments

Chapwititi Kestombela 9 months ago

The deal with Kuvimba fronted by Trafigura boss Queen B, is now reaping the benefits. All minerals mined in those mines under Kuvimba are no longer subject to scrutiny 🤣🤣🤣🤣🤣. We knew it all along hedu saka dira hako rizare wangu 🥃🍾. Remember those days Biti talked about this elephant called Queen B!!! 🤔 That's the final nail on the economy, $30 Billion dollar economy my foot. State capture at it's best. Delish Nguwaya is another fake character fast running another side of state capture. First family and the entire presidium are milking the country for the last time. 😭😭😭😭😭😭😭😭 new Deception isadaro. Dira hako rizare wangu 🥃🍾 ndingadii pakadai.


Vybz Kartel 9 months ago

Who are you and where are you getting this ?

truth 9 months ago

what kind of animal is this ....not subject to any authority


Chapwititi Kestombela 9 months ago

All hush deals now using mineral resources 🤣🤣🤣🤣.

Chasura Buddngton 9 months ago

Mdara Chapwititi honai Tagwirei uye zvaave kuita nezvicherwa zvenyika 😭😭😭😭😭😭😭😭😭


Chapwititi Kestombela 9 months ago

Nyika yaenda nevatongi bamnin, dirai henyu rizare 🥃🍾


👽 9 months ago

are we really that **** MUKOMANA ngaapinde mangwana


👽 9 months ago

are we really that **** MUKOMANA ngaapinde mangwana


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Trojan Nickel Mine 9 months ago

Tagwirei wainda nenyika yose # dura hako ritipaa🍻🍺🍸🥂🍾🍷🥃


Supper Deals 9 months ago

"The agreement also says the payments to Trafigura won’t be subject to tax and the transaction documents won’t need to be lodged with any authority in Zimbabwe."

🤷🤷🤷 Nyore nyore saizvozvo pasina anotarisawo kuti chii chaitwa??????. Hamhenoo🙆🙆🙆🙆🙆


Chapwititi Kestombela 9 months ago

As easy as that, imagine!!!. Then you hear some misinformed youth saying ED pfeee 2023. Vatongi varivozve vene venyika and the populace is not important at all kkkkkkkk. Chinhu chavo, vakuita zvavakabvisira Mugabe chaizvo not nhema dzavakatikanga nadzo paya.

Mafirakureva 9 months ago

ED Shweeee
Kusunga chaiko

Dira rizare sahwira

Machiavelli 9 months ago

They are just paying back Tagwireyi for his footing ZANU staff salaries last year paCovid apa. If I remember well for 3 months workers at Shake-Shake building were paid by donations from Queen Bee.


Chapwititi Kestombela 9 months ago

If they borrowed from Tagwirei why then are they paying secretly and with tax free minerals without any papertrail??? This deal is a lotting machination only not citizen centred at all.

. 9 months ago

Wakufarisa

master E 9 months ago

thats all thief look at deplomacy given to that man ♛ and queen bee its like there are intend to rule pachavo how can a country. has no power to look for how minerals are being used no tax must be paid look dira rizare hako



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