Kuvimba Mining House approved as investment partner for ZISCO resuscitation

By ZBC Reporter

CABINET this Tuesday approved Kuvimba Mining House as the Investment partner for the resuscitation of ZISCO Steel.

The Minister of Industry and Commerce, Honourable Dr. Sekai Nzenza presented the update on the resuscitation of the steel mining firm.

During the Post Cabinet briefing which was led by the Acting Minister of Information Publicity and Broadcasting Services, Dr Jorum Gumbo, the nation was informed that due process was undertaken for the identification of an investor to partner Government in the operationalisation of ZISCO Steel.

It was also disclosed that Kuvimba Mining House has been engaged as the investment partner for the resuscitation of Ziscosteel.

“Cabinet is informing the nation that due process was undertaken for the identification of an investor to partner Government in the operationalisation of ZISCO Steel. The standard process to find an investor/partner for ZISCO-Steel was undertaken under guidance from the Zimbabwe Investment Development Agency (ZIDA) and incorporated inputs from the State Enterprises Restructuring Agency (SERA),” said Dr Gumbo.

“Accordingly, Cabinet approved that Kuvimba Mining House be engaged as the Investment partner for the resuscitation of ZISCO Steel. Kuvimba Mining House is a reputable player in the mining and metals sector, and has previously been involved in the Cases in point, the recent resuscitation of Jena Gold Mine in Midlands Province and Shamva Gold Mines in Mashonaland Central Province, a process which has resulted in the remittance of dividend to Treasury,” he explained.

In addition, Cabinet approved the partnership between ZMDC and Chandiwana Mines Private Limited for the resuscitation of Sabi Gold Mine.

“Cabinet noted the Joint Venture Partnership between ZMDC and Chandiwana Mines (Pvt) Ltd on the resuscitation of operations at Sabi Gold Mine. Chandiwana Mines (Pvt) Ltd will inject the necessary working capital, while ZMDC will contribute mineral and material resources.

“The joint venture will be for a five (5) year period and will contribute 1 428 kilogrammes of gold to overall national production. The project will initially create 650 jobs for locals and this number will subsequently benefit 800 employees at full production,” said Dr Gumbo.

Cabinet also discussed the approval of four investment projects, including the proposed joint venture between TelOne, Flashcord and the National Venture Capital Company of Zimbabwe to form the Zimbabwe Innovation and Technology Company (ZITCO) which will manufacture information communication technology devices.

The proposed engagement of Samano holdings by Mazowe Rural District Council in the mining of Limestone at Dandamera farm in Mashonaland Central province was also topical.