Kuvimba Mining House declares US$5.2 million maiden dividend

[Bulls n Bears]

KUVIMBA Mining House (KMH) is pleased to announce that the company is paying
a maiden dividend of which USD 5.2 million will flow to its local
shareholders following a positive performance during the financial year
ended 31 March 2021. The dividend is based on unaudited figures, but the
board felt that given the underlying performance of its subsidiary companies
the dividend was appropriate. 

 

The USD5.2 million will 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- USD 600 000;
and

.       Government of Zimbabwe USD 1.720 million

 

 

Kuvimba took over the ownership and management of several mining assets in
Zimbabwe during the second half of CY2020. Since its inception, the company
has seen the performance of the underlying mining assets improve
significantly. In addition, the company has developed a clear vision
underpinned by a value system to ensure an appropriate execution of its
growth strategy for the company. The company's vision is to create
sustainable growth for Zimbabweans through safe and responsible mining. This
vision is achieved by instilling the following core values namely,
integrity, being a good corporate citizen, care and respect, accountability
and fostering good teamwork. 

 

The company owns and manages three operating gold mines, three non-operating
gold mines, various chrome operations, an operating nickel mine as well as
an investment in a platinum project.  

 

The company strategy has followed an initial phase of stabilizing the
operations, a secondary phase of increasing metal output from current
operations and the third phase is to operationalize the current
non-operating asset. Phase one has largely been completed and this was
achieved through the reinvestment of capital in the operations, management
reorganization and providing a fresh look at the various operations. I will
outline a brief view of the historic, current performance and future
production outlook for each of the operating mines.

 

 

Eighteen months ago, Shamva Gold Mine, Homestake and Zimbabwe Alloys were
all under judicial management with uncertainty hovering over the heads of
employees and communities. This has since changed.

 

The gold companies have performed well with Fredda Rebecca Gold Mine leading
the pack which produced on average, between 1,500kg and 2,100kg of gold per
annum. Within the first year of full ownership of this mine, KMH has managed
to increase gold production to 2,690kg. This is a substantial improvement
from the previous year. The plan for the current financial year is to
increase production to 3,215kg of gold per annum.

 

The most exciting prospect lies within Shamva Gold Mine. The operations at
Shamva had stopped in January 2019 when the bulk of the employees were
retrenched. Operations have since resumed and the mine now employs just
under 900 employees and recently, a detailed exploration program to
delineate the resource at Shamva hill was concluded. The plan is to exploit
this resource via a mega open-pit mine with the pre-feasibility study which
was conducted indicating a viable large-scale long-life mine. Once fully
developed, Shamva has the potential to become the largest gold mine in
Zimbabwe by output and will target an annual production of 3,500kg of gold
per annum.

 

KMH is playing its role in ensuring that government's vision of a US$12
billion-dollar mining economy is attained.

 

KMH embraces the notion that Zimbabwe is Open for Business and is testament
of how viable it is for the private sector to work together with the public
sector towards attaining Vision 2030 in order to achieve an Prosperous and
Empowered Upper Middle Income Society by the year 2030.

 

KMH's portfolio includes;

Freda Rebecca Gold Mine, Bindura Nickel Corporation, Shamva Gold Mine, Jena
Mine, Elvington Mine, Sandawana, Homestake, Zim Alloys, and an investment in
Great Dyke Investments (GDI). 

 

The company employs nearly 4000 workers.

 

 

 

Invest Wisely!

 

Bulls n Bears 

 

Telephone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674 | +27 71 544
4769

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com  

Blog:             www. <https://bullszimbabwe.com/category/blogs/>
bullszimbabwe.com/category/blogs/ 

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:           Bulls.Bears 



 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210623/e5244ecf/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 13615 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210623/e5244ecf/attachment-0001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 88884 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210623/e5244ecf/attachment-0001.png>