Kuvimba Invests $150 Million rejuvenating shutdown mines
Kuvimba Mining House (KMH), announced its investment of over $150 million in capital expenditure programs aimed at rejuvenating its mothballed mines in the country. This investment is part of KMH’s commitment to consolidate Zimbabwe’s development agenda by reviving and developing strategically important mines and industrial operations.
KMH holds a significant stake or full equity in various entities, including Bindura Nickel Corporation (BNC), Globe and Phoenix, Freda Rebecca, Shamva, Jena, Sandawana, Tiger and Club, Elvington mines, and Zimbabwe Alloys (Zim Alloys). These entities have interests in gold, nickel, lithium, chrome, and platinum.
In an interview, Innocent Rukweza, the Chief Finance Officer of KMH, expressed confidence in the company’s ability to recover the investment made in the acquired entities. Rukweza stated, “We are trying to revive most of the mines that we have, and we have a project of reviving and restarting some of the mines that have not been functional. We are very confident that we’ll recover the investment that we are going to put in.”
As part of its efforts to revive and upgrade the mines, KMH has already spent over $150 million on capital expenditure. Additionally, the company has allocated between $20 million and $30 million for exploration across its operations. The exploration program focuses on mines such as Shamva, Freda Rebecca, Sandawana Mines, and the platinum project in Darwendale, Mashonaland West Province.
One of the most promising projects for KMH is the revival of the former emerald mine, Sandawana, as a lithium and tantalite operation. The company aims to achieve a resource of up to 30 million tonnes of lithium ore in phase 1 of the exploration program. Rukweza highlighted the substantial lithium reserves already identified at the mine, emphasizing the potential of Sandawana as a key asset for the group.