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Kuvimba mining produces 311kgs gold

by Staff Reporter
08 Jul 2021 at 13:12hrs | Views
Kuvimba Mining House subsidiary, Fredda Rebecca Gold Mine has produced another milestone of  311kilogrammes of gold in  June, which is the first for the mining firm.

The achievement has been attributed to huge investment in mining equipment by new shareholders who are aiming to achieve government's USD 12 billion mining economy by 2023.

Kuvimba Mining House owns Freda Rebecca Gold Mine, Shamva Gold Mine, Jena mine, Elvington mine, Great Dyke Investments (platinum), Zim Alloys Bindura Nickel Corporation, among other mining ventures.

The 311kgs for June has surpassed the May production figures by 11kgs.

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.

Before takeover, Fredda Rebecca was producing 150kilogrammes of the yellow metal and the 311 killogrammes is the first time for the mine.

Kuvimba, which is owned 65% by government while the remaining 35% is held by a consortium of invstors, 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.

Source - Byo24News