Kuvimba to acquire shares in Great Dyke Investments

By Stanley James, Business Editor

 PLANS to roll out full scale platinum mining in Darwendale are progressing well, with state-owned mining concern, Kuvimba Mining House, finalising talks to acquire 50 percent shareholding in Great Dyke Investments.                    

In an update released this Thursday, Kuvimba Mining House (KMH) revealed that it will purchase the fifty percent shares from the Russian-owned firm Afromet Joint Stock Company.  

The transaction is being made to facilitate the take off for the platinum project in Darwendale.          

While the transaction is being finalised, the two parties have remained silent on capital issues, citing confidentiality.     

It is however, anticipated that the purchase of the fifty percent stake will enable KMH to forge ahead with its thrust for facilitating growth of the capital intensive but viable platinum mining sector.

Great Dyke Investments (GDI) is a platinum mining entity based in Darwendale and is regarded as the second largest system of platinum group metals in the world.                  

Full scale take off for the Darwendale platinum project is also expected to have positive effects in terms of employment growth, export earnings generation, value addition and development of the area.

The platinum sector has also been cited as a key enabler for growth after related entities mobilised resources to build a refinery plant.      

Government expects the platinum mining sector to contribute more than US$three billionin the attainment of the US$12 billion mining economy by next year.