Cabinet has selected kuvimba House Mining which is both private and state shareholding to partner with ZISCO steel in the resuscitation of the KweKwe Redcliff based Steel firm.
Minister of state for Presidential Affairs and Monitoring Implementation of Government Programmes Dr Joram Gumbo announced the development during the Post Cabinet briefing.
Dr Gumbo noted that a due process was done to select an investor to partner in the resuscitation of ZISCO steel.
“The nation is advised that initially nine prospective investors expressed their interest and after a review by the executive management team, four bidders were shortlisted.
“Furthermore ,due diligence exercise was carried out and the bidders were reduced to three. Out of three Kuvimba Mining House was recommended,” he said.
Kuvimba owns some of the country’s most valuable assets cutting across a range of minerals including gold , platinum , and chrome.
Cabinet also approved a five year joint venture between Zimbabwe Mining Development Cooperation and Chandiwana Mines where the investor would provide working capital with Zimbabwe Mining Development Company (ZMDC’s) contribution of mineral materials resources resulting in production of 1 428kg of gold .