Zimbabwe’s new public-private partnership mining company, Kuvimba Mining House, has released a statement attempting to distance itself from Kudakwashe Tagwirei, a tycoon who owns oil firm Sakunda Holdings.
The statement was in response to a report entitled “Shadows and Shell Games” that was recently released by The Sentry, an NGO group.
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The report alleged that Tagwirei, who was placed under US sanctions for his apparent cosy relations with ZANU PF, has financial interests in Kuvimba.
While Kuvimba Mining House attempted to distance itself from Tagwirei, some reports claim that among the listed shareholders, is Ziwa (Pvt) Limited, a company also linked to Tagwirei.
Pindula News is publishing the statement issued by the Board of Kuvimba Mining House (Private) Limited below:
Report by The Sentry titled “Shadows and Shell Games” – July 2021
It has come to our attention that a report entitled “Shadows and Shell Games” has been released by an NGO group called The Sentry.
The report has also been covered by the Daily Maverick as well as the Financial Times and has been widely circulated on various social media platforms.
The article is based on documents and details allegedly supplied by Mr C. Fourie and relate to the period 2018 to early 2020.
While there has been an association in the past, between certain individuals mentioned in the report, it is important to note that there was a process, which is largely in the public domain, over the last year to separate and create a standalone mining business with the express purpose of creating value for many Zimbabweans, either as employees or shareholders.
In fact, a maiden dividend for the benefit of many beneficiaries was recently declared. Almost 4 000 people are employed by the mining company and the company is actively looking for other growth opportunities.
Kuvimba notes the contents and distances itself from the report and reiterates that Mr Tagwirei is neither a shareholder nor is he involved in any activities of the business. In fact, we distance ourselves from Mr Tagwirei.
The Shareholders of Kuvimba are as follows:
- Sovereign Wealth Fund of Zimbabwe
- Public Service Pension Management Fund
- Deposit Protection Corporation
- Insurance and Pensions Commission
- Farmers Deed of Settlement (Pvt) Limited
- National Venture Capital Company of Zimbabwe (Pvt) Limited
- Government of Zimbabwe
- Ziwa (Pvt) Limited
As can be seen, Government and various Funds and bodies corporate (for the benefit of many worthy groupings in Zimbabwe) along with management are the only shareholders of Kuvimba.
Kuvimba owns Freda Rebecca Gold Mine and is the majority shareholder in Bindura Nickel Mine. In addition to the above, Kuvimba also holds a 47.8% shareholding in GDI.
These assets which were originally part of SOTIC International were acquired as part of the restructuring exercise over the last year to create a separate, autonomous mining company.