Kuvimba Mining House seeks platinum investment partner

ZIMBABWE’S largest resources company, Kuvimba Mining House (KMH), is courting potential investment partners to set up platinum mining operations at its Great Dyke Investments (GDI) unit, despite falling prices for the precious metal in the international market.

The diversified mining group with assets ranging from gold to platinum acquired a 50% stake in GDI from the joint stock company Afromet in 2022.

Afromet Joint Stock Company is wholly owned by Russian industrial and investment group Vi Holding.

At the time, KMH announced that the acquisition would strengthen its position as the country’s leading mining company.

At a press conference this week, KMH acting chief executive Trevor Barnard said the entity’s short-term plans involve establishing open pit mining operations at GDI.

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“The decline in platinum group metals prices has impacted our operations and plans at GDI.

“We continue to believe that the project has a bright future. It is still a profitable business. “We are busy negotiating with various partners and other options to try to get the mine up and running,” he said.

“We believe that, to begin with, we can put the mine into operation in the open pit. But the priority for us first is to find a financier and the necessary funds to get the mine up and running.”

KMH, which is wholly owned by the government and a member of the Mutapa Investment Fund (MIF), also operates lithium mining operations at its Sandawana mine in the Midlands province.

Barnard noted that despite falling “white gold” prices in global markets, KMH would leverage its “high grade” resource to remain profitable.

“It is very difficult for us to do anything about the price. We are price takers, not price setters. “There are… things that count in our favor,” Barnard said.

“The resource in Sandawana is of very high quality. From that perspective it would be a low-cost operation. This means it will remain profitable even with low lithium prices.”

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