KUVIMBA Mining House (KMH), the parent company of platinum mining firm Great Dyke Investments says it is in talks with financiers to raise capital to start operations at the mine.
BERNARD MPOFU
Two years ago, Kuvimba announced that it had acquired a 50% stake in a platinum project owned by Russia’s Vi Holding NV but the setting up of a multi-billionaire mine would require a cash-rich and technically experienced international partner before being rolled out due to past failures.
The deposit was taken from South Africa’s Impala Platinum Holdings in 2006 by former president Robert Mugabe’s administration and Russian investors were invited to participate.
Trevor Barnard (pictured), KMH acting chief executive officer told The NewsHawks that while depressed prices of platinum on the global market have adversely affected established producers, the sector remains viable. Barnard replaces Simba Chinyemba who was appointed Mutapa Investment Fund chief investment officer.
“The decrease in Platinum Group Metals prices has certainly had quite an influence on our operations and our plans there (at Great Dyke Investments),” Barnard said.
“But still, as we speak we still believe in that project because it is still a project not an operation and has a bright future and it will able be put into operation under the pricing conditions that we have. It is still a very, very profitable business or project.
“At the moment that’s difficult to say. We busy negotiating with a number of funding partners and other options to try to put the mine into operation. We believe we can put the mine into operation on opencast basis to start off with. That will be able to shorten the timelines a lot. The first priority for us is to actually find a funder and the necessary funds to put the mine into operation.”
Last year, Zimbabwe’s large-scale mining companies painted a gloomy picture of the economic outlook as business confidence waned due to an unfavourable operating environment and depressed commodity prices.
Ahead of the 2024 National Budget, miners implored the government to reduce energy tariffs and royalties, citing softening commodity prices.
