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Kuvimba Mining House Buys 50% Of Great Dyke Investments Stakes

2 years agoFri, 10 Jun 2022 10:44:14 GMT
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Kuvimba Mining House Buys 50% Of Great Dyke Investments Stakes

Diversified mining group Kuvimba Mining House (KMH) has purchased 50% of Great Dyke Investments (GDI) shares from Afromet Joint Stock Company, making it the largest shareholder in the platinum operation.

This week, Russia’s VI Holdings said it had exited GDI, triggering fears that the biggest platinum project in Zimbabwe might flop.

In a statement, Russia’s VI Holdings said its decision to exit the project is “in connection with the global sanctions imposed by Western countries against Russia, which naturally also applies to Russian investments abroad”.

Kuvimba has invested in rebuilding defunct Zimbabwean mines in the past year, with interventions at Freda Rebecca Gold Mine, Bindura Nickel Corporation, Shamva Gold Mine, Jena Mine, Elvington Mine and Zim Alloys to help them return to, or scale up production.

The board said in a statement yesterday:

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The board of directors of Kuvimba Mining House is pleased to announce that the company has concluded negotiations to purchase 50% of the shares in Great Dyke Investment (GDI) from Afromet Joint Stock Company.

GDI is a platinum group metals mining company in Darwendale, in the Great Dyke. The Great Dyke is the largest system of Platinum Group Metals mineralisation in the world. This acquisition will have a material impact on the value of KMH as it continues to take its rightful place in the economy.

Last year, KMH declared its first dividend, paying US$5.2 million to investors after it reported record production.

The government, the largest investor in the mining company with a 21.5 % stake, received US$1,7 million from the war chest.

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