Kuvimba Targets Expansion with US$38 Million Inves...

Kuvimba Targets Expansion with US$38 Million Investment in Freda Rebecca

Oscar J Jeke- Zim Now Reporter

Kuvimba Mining House has unveiled a US$38 million investment in its flagship Freda Rebecca gold mine, reinforcing its expansion strategy as it aims to capitalise on record-high bullion prices.

The investment will support expanded exploration, plant upgrades, and redevelopment of mining areas, all intended to extend the mine’s lifespan.

An additional US$13 million will be allocated to expanding the mine’s tailings storage facility to cater to anticipated increased output.

Kuvimba expects gold production at Freda Rebecca to reach 3,600kg in the financial year ending March 2025, a 12.5% rise from the previous year’s figures. Specifically, Freda Rebecca—responsible for 70% of Kuvimba’s total gold output—is projected to deliver 2,548kg, up from 2,229kg recorded last year.

Patrick Shayawabaya, Kuvimba’s head of gold business, attributed the growth to a combination of factors. “This growth is primarily driven by a higher ore grade, increased ore processing, and improved operational efficiencies at our two plants,” he said.

“Our focus is to maximise gold production, leveraging strong global prices.”

Gold prices have surged to a record US$3,000 per ounce, fuelled by strong investor demand and geopolitical uncertainties.

While the price rally presents lucrative opportunities for Zimbabwean miners, industry stakeholders remain cautious, pointing to escalating operational costs and the government’s 30% foreign currency surrender requirement as key challenges.

Freda Rebecca stands as the country’s largest gold producer, outpacing competitors such as Caledonia Mining’s Blanket Mine, which produced 2,173kg in 2024, and Padenga Holdings’ Dallaglio, which delivered 2,025kg from its Eureka and Pickstone operations in the first nine months of last year.

The Mutapa-owned Kuvimba Mining House also operates Shamva and Jena Mines, further solidifying its foothold in Zimbabwe’s mining sector.