Zimbabwe's government gained complete control of Kuvimba Mining House through its sovereign wealth fund. Mutapa Investment Fund bought the remaining 35 percent stake for $1.9 billion using Treasury Bonds that mature over ten years. The bonds serve as a loan to Mutapa with a three-year grace period. No cash changed hands in this deal. The transaction lets the government fully control Zimbabwe's largest mining company without immediate payment.
Kuvimba Mining House holds valuable assets like Freda Rebecca Gold Mine, Shamva Gold Mine, Jena Mines, Sandawana lithium mine, Zimbabwe Alloys chrome operations, Great Dyke Investments platinum project, and Bindura Nickel Corporation. Independent advisors valued the entire company at $3.2 billion as of October 2023. This valuation reflects rising prices for platinum, gold, and lithium. The government plans to pay off the Treasury Bond loan early through mining profits and joint ventures.
The ownership structure divides shares among several government entities. Mutapa Investment Fund holds 63 percent, the former farmers' compensation fund has 12.5 percent, and the Insurance and Pensions Commission controls 5 percent. War veterans, women, and youth groups each received 2.5 percent stakes. The Deposit Protection Corporation manages 5 percent, and the Public Service Commission holds 7 percent.
Mutapa Investment Fund started in 2014 through an Act of Parliament. The government added select state-owned enterprises to the fund in September 2023. Today, the fund operates across many economic sectors with investments in 30 companies and their subsidiaries. These businesses span mining, energy, technology, transportation, agriculture, financial services, and real estate.
Kuvimba Mining House holds valuable assets like Freda Rebecca Gold Mine, Shamva Gold Mine, Jena Mines, Sandawana lithium mine, Zimbabwe Alloys chrome operations, Great Dyke Investments platinum project, and Bindura Nickel Corporation. Independent advisors valued the entire company at $3.2 billion as of October 2023. This valuation reflects rising prices for platinum, gold, and lithium. The government plans to pay off the Treasury Bond loan early through mining profits and joint ventures.
The ownership structure divides shares among several government entities. Mutapa Investment Fund holds 63 percent, the former farmers' compensation fund has 12.5 percent, and the Insurance and Pensions Commission controls 5 percent. War veterans, women, and youth groups each received 2.5 percent stakes. The Deposit Protection Corporation manages 5 percent, and the Public Service Commission holds 7 percent.
Mutapa Investment Fund started in 2014 through an Act of Parliament. The government added select state-owned enterprises to the fund in September 2023. Today, the fund operates across many economic sectors with investments in 30 companies and their subsidiaries. These businesses span mining, energy, technology, transportation, agriculture, financial services, and real estate.
