Kuvimba Mining House (KMH) has remitted an initial US$5.2 as dividends to stakeholders and the government. This comes after reversing the fortuity of many toiling mining assets in the country and experiencing a worthwhile performance within its first year of operations, during the financial year ended 31 March 2021.
The Mining House group, which is owned by the government in joint venture with local investment firms, took over the possession and administration of several mining assets in the country in the course of the second half of financial year 2020. Since then, there has been significant improvement in the performance of the underlying mining assets.
Among the investment firms that own KMH are Sovereign Wealth Fund of Zimbabwe, Datvest Nominees, Deposit Protection Corporation, Public Service Pension Management Fund, Insurance and Pensions Commission and National Venture Capital Company of Zimbabwe.
The group manages three gold mines, presently in operation; three non-operational, a couple of chrome operations, a nickel mine and a platinum project.
Speaking in a ceremony in Harare, the Finance and Economic Development Minister Professor Mthuli Ncube, the US$5.2 million is to be distributed as follows: Sovereign Wealth Fund of Zimbabwe – US$520,000.00; Public Service Pension Management Fund – US$560,000.00; Deposit Protection Corporation – US$400,000.00; Insurance and Pensions Commission – US$400 000; Datvest Nominees – US$ 1 million; National Venture Capital Company of Zimbabwe (Pvt) Ltd- US$600 000; and Government of Zimbabwe US$1.720 million.
“During the National Development Strategy 1 (NDS1) period, Government priorities have been placed on developing and strengthening already existing value chains, decentralization of industrialization initiatives and provision of a consistent, stable policy environment for the mining sector,” said Minister Professor Ncube who was the guest of honor.
Read: Zimbabwe: Mnangagwa Premieres Mining Investment Conference
Minister Ncube acknowledged KMH’s contribution to the performance of the underlying mining assets saying that the government had taken the opportunity to partner with willing and able players in the private sector who believe in the National Vision and are desirous to participate in the economic prosperity of the people of Zimbabwe.
In attendance at the event was Kuvimba chairman Mr. Justin Mupamhanga who welcomed everyone to the inaugural event saying that, in the principle of shared prosperity, they will do what they can in their capacity to continue energising Kuvimba.
“The National Development Strategy 1 (2021-2025) NDS1 places prominence on equality of opportunities and non-discrimination, as well as empowerment of Zimbabwean citizens, a principle summarized 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.”
21,5 percent equity in Kuvimba is held by the government while private sector investors, which include management hold the balance of 35 percent.