Diversified mining group Kuvimba Mining House (KMH) has paid US$$5.2m dividend to shareholders after posting positive results in the financial year ended March 31.
Of the US$$5.2m dividend, government got US$$1.72m by virtue of being a majority shareholder, Datvest Nominees (US$1m), the National Venture Capital Company of Zimbabwe (US$600,000), the Sovereign Wealth Fund of Zimbabwe (US$520,00), the Public Service Pension Management Fund got (US$560,000) and the Deposit Protection and Insurance and Pensions Commission got US$400,000.
Since its inception in the second half of the 2020 financial year having taken over ownership and management of several mining assets in the country, the company’s performance improved significantly with its asset Freda Rebecca doubling its monthly output within a year.
Finance and Economic Development minister Mthuli Ncube said the diversity in the shareholding structure is an important pillar of not only the future growth of KMH, but demonstrates that the economic benefits of the company will see Zimbabweans benefitting through the various structures which received the payouts.
“As we accept the dividend payouts from KMH today, let us not lose sight that these resources represent the renewed commitment by Government to foster economic empowerment to the people of Zimbabwe, including but not limited to women and youths and the veterans of the liberation struggle,” Ncube said.
“This is consistent with the government’s thrust of driving inclusive and shared growth. The National Development Strategy 1 also places prominence on equality of opportunities and no discrimination as well as empowerment of all Zimbabwean citizens.”
Insurance and Pensions Commission Commissioner Grace Muradzikwa thanked KMH and the government for their efforts in allocating them shares which will protect the pensioners for the foreseeable future on a sustained basis.
“This is a clear demonstration of Government’s commitment to national social security provision in line with NDS1 and Vision 2030. Allow me also to thank the Board of KMH for this exceptional performance that have seen the pensioners benefitting from dividends declaration less than twelve months after the government allocated the share in KMH. Such a feat is not easy to accomplish,” she said.
Apart from Freda Rebecca, Kuvimba has two other gold mining assets — Shamva, and Jena Gold Mine — which are on target to produce 400kg and 75kg per month respectively by December 2022.
Kuvimba also has a stake in the Darwendale Platinum Project (Great Dyke Investments), Bindura Nickel Corporation, as well as in Zim Alloys Limited. Kuvimba’s portfolio also includes Elvington Mine, Sandawana and Homestake.
As part of its expansion drive, Kuvimba has been investing heavily in key machinery and assets at its mines.