Fredda Rebecca Gold Mine has produced 311kilogrammes of gold in June which puts the country on a positive trajectory towards achieving a USD12 billion dollar mining industry in two years time.
Fredda Rebecca Gold Mine is a subsidiary of Kuvimba Mining House which is 65% owned by government while 35% is owned by management and other international investors.
The 311kgs for June has surpassed the 300kg May production figures.
Kuvimba Chief Operating Officer Cobus Bronn said production of 311kg is 11% above budget.
Freda Rebecca Gold Mine exceeded May’s record production of 300kg by producing 311kg of Gold for June 2021. This is 15% above budget, and this shows the company is moving in the right trajectory, he said.
With such production figures, sources say employees are due to a Chairman’s bonus for surpassing the target and breaking the record production of the mine in as many years.
Since the inception of the mine, Fredda Rebecca has never posted impressive numbers which also give the country comfort on the importance of public-private partnership.
Before the takeover, Fredda Rebecca was producing 150kilogrammes of the yellow metal and the 311 kilogrammes is the first time for the mine.
Kuvimba is targeting to do one tonne of gold monthly in the next three years which will be complemented by Shamva Gold mine which is on course to reach 400 kilogrammes monthly by December 2022.
Kuvimba’s exploration on Shamva mine shows that there will be a super pit which will be producing in excess of 400kgs a month, said Bronn.
Bindura Nickel Corporation, Shamva Gold Mine, Jena Mine, Elvington Mine, Zim Alloys, Greak Dyke Investments are part of the Kuvimba Mining House and its gold sector employs 4000 people.
Jena mine is on target to produce 75kilogrammes a month by December 2021 from the current 25kilogrammes and when Kuvimba took over it was producing 7kilogrammes bringing life to Jena community.
Zim Alloys is out of judicial management and is it expected to resume lumpy and fines chrome ore before September 2021 with a production target of 600 thousand tonnes of chrome within five years bringing Gweru and Mutorashanga to life.
Kuvimba declared a USD5.2 million dividend last month and shareholders are expecting more in the near future.
The money was distributed as follows: Sovereign Wealth Fund of Zimbabwe (US$520 000), Public Service Pension Management Fund (US$560 000), Deposit Protection Corporation (US$400 000), Insurance and Pensions Commission (US$400 000), Datvest Nominees (US$1 million), National Venture Capital Company of Zimbabwe (Pvt) Ltd (US$600 000) and Government (US$1,72 million).