Cloudiness of Kuvimba’s ownership stalls development of Zim platinum project

Impala Platinum, the world’s third-largest producer of platinum group metals, has asked for greater transparency on the ownership of a state-run company before considering a joint venture in the Darwendale project.
Bloomberg reports that Impala wants the Zimbabwean government to provide more information about Kuvimba Mining House, which is 35%-owned by private shareholders that Harare is yet to reveal.
Kuvimba and Russian tycoon Vitaliy Machitskiy’s Vi Holding each own 50% of Great Dyke Investments, which owns the Darwendale project.
“While Zimbabwe’s government says it controls Kuvimba, its assets are the same as those that were owned until at least late 2020 by Sotic International, a company linked to Kudakwashe Tagwirei, an adviser to Zimbabwean President Emmerson Mnangagwa,” Bloomberg reports.
“Tagwirei was sanctioned in 2020 by the US Treasury, which alleged that he bribed government officials and used political influence to win lucrative state deals.”
Great Dyke needs a partner to help fund the mine.
At least $2 billion is needed to kick start the mine that has the potential to produce 860,000 ounces of platinum group metals per year.
Initial production was expected to commence this year, but the company had been struggling to raise $650 million to get the project underway.
Impala owned the land upon which the Darwendale project is based until 2006 when it was forced to surrender a huge chunk of its mining concessions in the country.
Zimbabwe has the world’s third-biggest reserves of platinum group metals.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished