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Security Guards (Gweru, Harare, Kwekwe & Zvishavane campuses)

Technical Sales Person/ Aluminium (Harare)

Regional Monitoring, Evaluation & Learning (MEL) Officer (Bulawayo)

Boiler Maker (Harare)

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Business Unit Manager x2 (Harare)

Vehicle Sales Consultant - JAC (Harare)

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Spray Painter (Harare)

Motor Vehicle Panel Beater (Harare)

Team Leaders x7

Billing Supervisor (Harare)

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Auto Electrician: Artisan (Chipinge)

Sales Representatives (Harare)

Director Human Resource (Mutare)

Assistant Batch Plant Operator (Harare)

Legal & Compliance Manager (Harare)

Processes Analyst (Harare)

Finance Manager Corporate (Harare)

Zimbabwe’s new sovereign wealth fund, the Mutapa Investment Fund, reportedly paid a “grossly inflated” US$1.6 billion, which is 5 per cent of GDP, for shares in Kuvimba Mining House.
According to the latest The Sentry report, the secretive payment of US$1.6 billion was made to unknown private individuals to buy their shares in the mining conglomerate with recent links to Kudakwashe Tagwirei, a presidential adviser and ZANU PF donor.
The Sentry is a US-based investigative organisation that tracks corruption.
In a report published on Wednesday, The Sentry said US$1.6 billion in public debt was used by the Mutapa Investment Fund (formerly known as the Sovereign Wealth Fund of Zimbabwe), to purchase shares in Kuvimba, which owns about a dozen gold, lithium, nickel and platinum mines. It said:
<blockquote>
The Sentry’s analysis suggests that Mutapa paid a grossly inflated price for the shares.
</blockquote>
The report stated that until recently, the state had owned 65% of Kuvimba and private investors had held 35% of the shares. Said The Sentry report:
<blockquote>
A $1.6-billion price tag for a 35% stake would value Kuvimba at US$4.6 billion overall — triple the $1.5-billion valuation given to Kuvimba by the government in 2022. This would raise serious questions about whether Mutapa has grossly overvalued the shares.
A $4.6-billion valuation would also be much more than the amount that Tagwirei’s firms spent in 2019 on acquiring the mines before they transferred the assets to Kuvimba in 2020.
</blockquote>
Rising gold prices since 2020 might explain some of the increase in Kuvimba’s value. Said The Sentry:
<blockquote>
However, a $4.6-billion valuation seems distinctly frothy given that Kuvimba’s other mines have had mixed fortunes: Declining lithium prices have caused stockpiling, and the firm’s platinum and nickel projects are either inactive or loss-making.
</blockquote>
Tagwirei has denied links to Kuvimba, but previous reports have linked him to the mining conglomerate. Said The Sentry report:
<blockquote>
In 2021, The Sentry revealed how Tagwirei was a secret owner of up to 35% of Kuvimba. Tagwirei and Kuvimba deny he owns the shares, but authorities refuse to identify who received the US$1.6 billion payment for the 35% stake.
</blockquote>
The secretive payment of US$1.6 billion to undisclosed private individuals poses a threat to Zimbabwe’s debt restructuring negotiations, exacerbating the country’s liabilities.
Zimbabwe currently faces debt distress, impeding its ability to secure affordable loans from development banks due to previous defaults and significant arrears.
The African Development Bank (AfDB) is actively guiding Zimbabwe and its creditors toward a structured debt restructuring process.
According to The Sentry report, lenders may find little reassurance in the fact that Zimbabwe’s debt has surged to $21 billion, especially considering that new debt equivalent to 5% of GDP seems to have been issued to compensate shareholders in Kuvimba, potentially linked to a politically connected businessman. It said:
<blockquote>
The point of sovereign wealth funds is to preserve and grow wealth to benefit Zimbabwean citizens. If the report of $1.6 billion paid to Kuvimba’s private investors is true, Zimbabwean taxpayers — who will have to repay this debt — should be angry that one of the first acts of their new sovereign wealth fund may have been to allocate wealth from the many to the few.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

US$1.6 Billion Paid To Mystery Shareholders By Mutapa Investment Fund

Sandawana Mines, a subsidiary of Kuvimba Mining House, has paid off 300 workers that it laid off due to the effects of declining global lithium prices.
In an interview with <a href="https://www.thestandard.co.zw/business/article/200022788/sandawana-mines-lays-off-300-workers-pays-them-off">NewsDay</a> on Tuesday, Sandawana Mines general manager Godwin Gambiza said they have resorted to cost-cutting measures “to protect the business”. He said:
<blockquote>
What has happened is that lithium prices have gone right through the floor to the extent that the prices that are on the market are way lower than the cost of mining lithium ore.
So, as a result of that, some measures have been taken to protect the business resulting in the curtailing of operations so that we survive on the stockpiles we have accumulated.
Over time we have accumulated close to a million tonnes of ore, so we cannot continue incurring costs when there is no outlet on the market right now for the product.
For your information, lithium prices have fallen by 80% and for lithium ore between 2% to 2.5%.
So, as a result, we needed to look into the number of contractors we had engaged. We had engaged about one thousand contractors.
We had to remain with a number that matches the operations that are continuing there.
We had to cut that number by 300 and remain at 700 contractors.
</blockquote>
Gambiza said the company was processing the former workers’ salaries. He said:
<blockquote>
The issue of their money has been sorted out. I signed for the money for their salaries this morning.
I am sure they will be getting their money either today or tomorrow.
</blockquote>
Demand for lithium has been exceeding supply for the past few years due to a global push for electric vehicles as the metal is the main raw material for batteries.
However, as of mid-last year, international market experts had warned that there would be declining mineral prices globally.
The decline in the global price of lithium was attributed to an uncertain economic future in the world’s largest economies and growing geopolitical tensions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Lithium Miner, Sandawana Mines, Lays Off 300 Workers

Kuvimba Mining House (KMH) plans to invest US$250 million into the construction of a beneficiation plant at its lithium mine operation, Sandawana Mines.
KMH is 65% owned by the government. It took over Sandawana Mines in 2019 and has so far invested US$56 million.
Sandawana Mines general manager Godwin Gambiza told <a href="https://newsday.co.zw/thestandard/business/article/200014650/kuvimba-to-sink-us250m-into-beneficiation-plant">The Standard</a> in an interview last week during a media tour of the mine that KMH has commenced feasibility studies for a 4.5 million-tonne per annum beneficiation plant. Said Gambiza:
<blockquote>
The beneficiation plant, it has got two phases. Phase one of it is the dense medium separation. We have budgeted about US$50 million for that.
Phase two of the beneficiation plant is the floatation plant itself.
For that one we’ve budgeted US$200 million. So, altogether that gives you US$250 million for a combined beneficiation plant.
The work has already commenced in terms of the feasibility studies.
Some metallurgical tests are being conducted on our material so that we can establish the stability of our own.
But looking at the timelines themselves, we are saying in 12 to 18 months we should have completed everything, including the commissioning of the plants.
</blockquote>
KMH Group chief executive officer Simba Chinyemba said that they are currently evaluating joint venture potential with some of the world’s largest companies in the lithium battery technology space.
Sandawana Mine is situated in the Mberengwa District and is rich in vast mineral resources that include tantalite, mica, emeralds, copper and gold.
The mining lease and claim holdings cover a 21-kilometre-long strip along the Mweza Mountain Range.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Kuvimba Plans To Invest US$250 Million Into A Beneficiation Plant

The Zimbabwe Iron and Steel Company (Ziscosteel) has announced that it is working to help its former employees receive their pension pay-outs, but that the responsibility now lies with the government. This follows the investment of US$1.3 billion over three years by Kuvimba Mining House (KMH), which is working to revive the mothballed Redcliff-based steelworks. KMH, which has extensive mining interests in gold, nickel, chrome, and platinum and is backed by both private and state shareholding, has been revitalizing closed gold mines and won the tender to revive Ziscosteel ahead of six other bidders.
Ziscosteel’s former employees were left empty-handed over a decade ago when the giant steelworks collapsed in 2008. In an interview with NewZimbabwe.com, Ziscosteel CEO Farai Karonga stated that the issue of pay-outs is “basically not a ZISCO issue anymore.” He explained that the pensions were wiped out after being wholly converted to local currency through the government’s Exchange Control Directive RT120/2018. Karonga said that while Ziscosteel will assist the former employees as part of its corporate social responsibility, the issue is now a dispute and the former employees are going to parliament to correct it. He said:
<blockquote>
Basically, because the Debt Assumption Act took over their debt, it’s basically a Ministry of Finance issue but we participate as a pension fund trusteeship.
We are there to assist them. The only hiccup that has happened is that initially their pensions were paid in USD and then there was a time the Exchange Control Directive came in and it wiped their pensions.
It’s now a dispute because they are not in agreement with that. They don’t want a valuation of their pensions.
We are helping them to make representations to parliament but it’s basically not a Ziscosteel issue anymore. But from a social responsibility perspective, we are part of the model to get them a fair deal.
</blockquote>
Ziscosteel was the largest steelworks in Zimbabwe, employing about 5,500 people in the 1990s. Since then, the company has struggled to find a meaningful investor partly due to negative perceptions affecting the local economy, until last year when KMH expressed interest in the concern.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Ziscosteel Says It Is Assisting Former Employees Get Pension A Decade Later

A 49-year-old woman from Kariba has been sentenced to five years in jail for illegal possession of emeralds worth US$3,015.60. Rutendo Moyo, who represented herself, pleaded guilty to the charge and was sentenced by Harare Magistrate Ruth Moyo.
<h3>What transpired?</h3>
According to reports, detectives from the  Criminal Investigation Department (CID) Minerals Flora and Fauna Unit in Harare received a tip-off from an anonymous source that Moyo was in possession of emeralds. She was subsequently arrested while walking along Samora Michael Avenue, and the detectives recovered four pieces of emeralds from her. 
<h3>Emeralds in Zimbabwe:</h3>
Zimbabwe’s primary source of emeralds was historically the Sandawana Mine, located in the Mweza Range in Mberengwa District, Midlands Province. The mine is renowned for producing high-quality emeralds with a unique bluish-green hue and has a long history dating back to the 1950s. Sandawana Mine was once among the world’s largest emerald mines, but it shut down due to declining production and loss of market competitiveness. Presently, Kuvimba Mining House aims to reopen the mine, albeit as a lithium producer. The abandoned mine, previously owned by Rio Tinto, was the site of an illegal mining rush in 2020, resulting in a ban on raw lithium export in December. Kuvimba, primarily owned by the government, foresees the possibility of the site containing the country’s largest battery metal resource.
<h3>Illegal Possession of Precious Stones in Zimbabwe:</h3>
In Zimbabwe, possessing precious stones without proper authorisation is illegal. The <a href="https://www.pindula.co.zw/Minerals_Marketing_Corporation_of_Zimbabwe/">Minerals Marketing Corporation of Zimbabwe (MMCZ)</a> is the exclusive agent for marketing and selling all minerals produced in Zimbabwe except for silver and gold. Trading without proper permits is a criminal offence punishable by imprisonment or fines. The government aims to curb the illegal trade in precious stones associated with criminal activities such as money laundering, smuggling, and funding of armed groups. Obtaining proper authorisation is essential before possessing or trading minerals in Zimbabwe.
The illegal trade of minerals is causing Zimbabwe to lose billions of dollars annually. The country’s long, porous borders with neighbouring countries make it challenging to regulate the flow of minerals, resulting in smuggling and significant revenue losses for the government. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Woman Jailed 5 Years For Illegal Possession Of Emeralds

Villagers in Mberengwa have claimed that Kuvimba Mining House took their lithium ore from Sandawana Mine and did not pay for it.
In late 2022, at least 5 000 artisanal miners invaded the former emerald mine after the discovery of lithium.
The government then moved in to control lithium mining activities at Sandawana after it emerged that some foreigners were buying the ore from locals for US$200 per tonne and exporting it.
The Zimbabwe Miners Federation (ZMF) was given exclusive rights to supervise mining activities while selling the ore to Kuvimba.
In November, Kuvimba and ZMF officials committed to assisting the artisanal miners with mining equipment and also buying the lithium at improved prices.
However, villagers who spoke to the Independent alleged that Kuvimba has reneged on its promise to villagers. Said the villagers:
<blockquote>
We were selling lithium to buyers including Chinese who were paying us as much as US$200 [per tonne] but when Kuvimba moved in they are paying as little as US$50 per tonne.
We were expecting Kuvimba, as a government entity, to try and match these prices but we were fooled when the officials intervened.
</blockquote>
The Independent reported sources as saying Kuvimba took away lithium ore that had been mined by villagers in the Upper and Lower Varichem and Gwamakudo areas. Said the source:
<blockquote>
Kuvimba sent a huge fleet of tipper trucks onto the mountains and loaded all the lithium ore that we had extracted and disappeared into the night.
We lost compressors and their accessories. They even took our shovels and wheelbarrows.
At least they could have paid us the little they owed us and returned our equipment.
People are afraid to go to Zvishavane to claim their equipment for fear of arrest and we know it is stored with the police.
</blockquote>
Villagers also claimed that ZMF was not helping them as promised by the leadership, saying the federation was demanding a US$5 registration fee from each villager.
ZMF provincial chairman Makumba Nyenje told the Independent that 1 200 miners were registered in Mberengwa.
Mines and Mining Development Deputy Minister Polite Kambamura said he was not aware of villagers losing their lithium ore without being paid for it by Kuvimba. | <a href="https://www.newsday.co.zw/theindependent/amp/local-news/article/200006677/lithium-heist-in-mberengwa-as-kuvimba-loots-villagers-ore-without-paying">Zimbabwe Independent</a>

Mberengwa Villagers Accuse Kuvimba Of "Looting" Their Lithium Ore

The Government has availed, through Kuvimba Mining House, US$400 000 to the Deposit Protection Corporation (DPC) for the compensation of small depositors.
The funding is meant to compensate the small depositors’ money for the loss of value incurred due to the exchange rate movement as at February 20, 2019.
In November 2020, Finance Minister Professor Mthuli Ncube said the Government would compensate small and vulnerable depositors who had balances of US$1 000 and below.
This was after the loss of value they incurred when the exchange rate moved from US$1:$1 to US$1:$2,5 on February 20, 2019, with a total loss valued at US$75 million. DPC chief executive, Vusi Vuma, said in a statement:
<blockquote>
Given the available resources, several scenarios were iteratively evaluated to identify a method that offers the best compensation to depositors…
In other words, a depositor who had US$1 000 in his or her account would get US$600 as the lost value.
</blockquote>
Vuma added that qualifying depositors were required to submit their claims as of February 20, 2019, within a period of 12 months running from November 8, 2021, to November 7, 2022, to their respective registered DTMFIs.
The institutions include African Century Limited, Getbucks Microfinance Bank, EmpowerBank Limited, Zimbabwe Women’s Microfinance Bank, Success Microfinance Bank Limited and Lion Microfinance Limited.
He said the DTMFIs would periodically submit the schedule of claims to the DPC for verification, validation and subsequent remittance of the required payment to the DTMFIs for onward settlement to eligible depositors in US dollars without incurring transaction costs, in line with the DPC guidelines.
Vuma added that after compensating depositors of DTMFIs, subsequent tranches for disbursement would be allocated to remaining deposit-taking institutions namely commercial banks, building societies, savings banks and infrastructure banks as and when additional funds are availed. 
More: <a href="https://www.herald.co.zw/dpc-to-compensate-small-depositors/">The Herald</a>

Exchange Rate Movement: US$400K Availed For Compensation Of Affected Depositors

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