
HARARE, – Zimbabwe’s largest gold producer, Kuvimba Mining House, is in negotiations with potential partners for a US$150 million investment aimed at increasing production at its Shamva mine by 50%.
Kuvimba Mining House, which is 65% owned by the state sovereign wealth fund Mutapa, has already completed a feasibility study for a large-scale mine and processing plant, according to acting Chief Executive Officer Trevor Barnard.
“We are discussing this with potential partners to move forward,” Barnard told reporters on Monday. “This resource is highly significant, large, and of high quality.”
Zimbabwe acquired Shamva from Metallon Gold in 2020 as part of an initiative to secure mining assets in the country. Kuvimba projects gold output of 95,000 ounces this year from its various gold mines.
Freda Rebecca, the largest of Kuvimba’s operations, expects to produce 75,000 ounces this year, according to its managing director Patrick Maseva-Shayawabaya. “It’s a slight increase from last year, attributable to processing more volume, better grade, and improved efficiencies in the plant,” he said during a tour of the mine.
Kuvimba has also announced the implementation of a system developed by Comstack to track gold output. “It enhances our gold traceability system from the mine to the market,” Maseva-Shayawabaya said. “Regulatory compliance is crucial, not only within Zimbabwe but also internationally.”
Barnard emphasized the importance of the system: “This ensures people have confidence in our legitimacy and understand that the gold we produce is genuinely mined, processed, and sold by us. The system we use was developed by Comstack.”
Garikai Mutandwa, Head of Operations for Comstack in Africa, explained that the system allows international buyers to trace the metal to its source. Initially, it is being implemented at Freda and Jena, with plans to extend it to other operations. “Our system uses blockchain technology to ensure that the gold is traceable and ethically sourced,” Mutandwa said.
Source: Bloomberg/newZwire