Kuvimba Mining House has been selected by Cabinet as the investment partner for the resuscitation of the Redcliff-based Ziscosteel. This follows a rigorous due diligence and meticulous screening of nine prospective partners that had showed interest in the work.
According to the Minister of State for Presidential Affairs and Monitoring Implementation of Government Programmes, Dr Joram Gumbo, Kuvimba Mining House is a reputable player in the mining and metals sector. “Cases in point are the recent resuscitation of Jena and Shamva Gold Mines in Mashonaland Central, which has resulted in the company remitting a dividend to Treasury,” said Dr Gumbo.
The minister further added that a report on the resuscitation of Ziscosteel was presented in Cabinet by Industry and Commerce Minister Dr Sekai Nzenza. “The Cabinet noted that due process was undertaken for the identification of an investor to partner in the operationalisation of Ziscosteel,” he said.
He also confirmed that the standard process to find an investor for Ziscosteel was undertaken under the guidance of Zimbabwe Investment Development Agency with input from the State Enterprise Restructuring Agency.
Kuvimba Mining House already owns some of the country’s most valuable mining assets cutting across a range of minerals including gold, platinum, nickel and chrome. Last year, the company paid an inaugural US $5,2m dividend to the Government and some of its local shareholders following a positive performance.
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Other joint ventures approved by government
According to the minister, other joint ventures that were approved by Cabinet include: a joint venture between TelOne, Flashcord and the National Venture Capital Company of Zimbabwe to form the Zimbabwe Innovation and Technology Company (Zitco) to manufacture ICT appliances.
“To date, a total of 3 500 have been manufactured with production expected to reach 5 000 at the end of the year. The economic benefits of the joint venture are as follow: over 2 000 jobs will be created at the plant and local production of devices will result in import substitution thereby saving foreign currency. The targeted export market includes Zambia, Malawi, Namibia, Botswana and Mozambique and exports are estimated to generate US $25m in the first three years (2022-2024),” he said.
