Zimbabwe's unlisted Kuvimba Mining House is seeking to raise $1 billion for its gold and platinum projects, including a gold mine that could produce 150,000 ounces a year, as well as exploration, its chief executive said on Friday.
Kuvimba was established last year and is 65 per cent owned by the government with the balance held by management through a Mauritius-based company Quorus.
David Brown said in emailed responses to questions from Reuters that the bulk of the capital expenditure would be spent on bringing Shamva Gold Mine, which was bought from British-based Metallon Corp in 2019, into full operation in around three years' time.
Metallon had put Shamva under care and maintenance in early 2019 because of mounting debts.
Zimbabwe, grappling with its worst economic crisis in more than a decade, is pursuing an ambitious plan to raise mining output and earn the country $12bn a year. Platinum and gold mining are seen as an anchor of that drive.
Rising metals prices could help attract investors into mineral extraction to generate much-needed foreign currency.
Gold gained about 25 per cent in 2020 as global central banks and governments delivered economic stimulus, laying the ground for higher inflation and currency debasement. The price of platinum also rose more than 10 per cent.
Mr Brown said the money would be raised from "three sources – internally-generated cash flows, debt funding and possibly equity funding. The first two sources are the preferred route at this time".
Kuvimba would use part of the $1bn to fund developments at Darwendale platinum mine over the next 24 months.
Russia's Vi Holding, through its JSC Afromet subsidiary jointly owns the Darwendale venture near Harare.
Kuvimba is also majority owner of listed Bindura Nickel and is seeking to acquire chrome and more gold assets, Mr Brown said.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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UAE currency: the story behind the money in your pockets
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It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Zayed Sustainability Prize
KILLING OF QASSEM SULEIMANI
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Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4