RESOURCE giant Kuvimba Mining House (KMH) plans to roll out solar power plants across its gold and chrome operations to combat Zimbabwe's crippling power outages, group chief executive officer Trevor Barnard said this week.
Zimbabwe is currently facing severe load shedding, with power cuts lasting up to 16 hours daily. This has forced businesses to rely on costly generators, driving up production costs across industries.
To address these challenges, Barnard told the businessdigest that KMH intends to install solar power plants at key gold and chrome mining sites.
KMH’s extensive portfolio includes Freda Rebecca Gold Mine, Bindura Nickel Corporation, Shamva Gold Mine, Jena Mine, Elvington Mine, ZimAlloys, and Sandawana Mines, among others.
"It (power cuts) certainly is affecting us, but we are in close contact with the ZETDC (Zimbabwe Electricity Transmission and Distribution Company), and we are getting good support from them to ensure that we maintain production," he said.
“Certainly on the chrome side, we are planning to invest in solar plants there, as well as in our gold mines.
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“So both of those, they have not taken off yet, but both are at the moment being planned, and we are waiting for the financial closure for the launch to be approved, then we will be able to implement.”
The group's performance in the first half of the year was characterised by mixed results, reflecting volatility in mineral and product pricing.
“If we look at the gold industry, certainly that has been flying,” Barnard said.
“The gold price has come off a relatively good level and has improved even further to where it has gone beyond US$2 500 per ounce at the moment, which obviously plays in our favour because combined, we are the largest gold producer in the country with over 300 kilogrammes of gold that we produce every month.
“If you look at some of the other industries, for instance, on the lithium side, the price has negatively affected our operations, unfortunately, because of that low price that we have.
“And then also on the platinum side, the price of platinum has not been great up to now.”
Prices in the chrome industry have been robust, prompting KMH to develop ZimAlloys further.
“We have restarted one of our furnaces recently, and certainly that's on the back of a firm chrome price,” he said.
Buoyed by high prices and excellent mine operations, KMH's CEO forecasts robust gold production in 2024.
“On the chrome side, things are also improving and increasing, but on the lithium side, it is going to be slow because of the low price. Demand is low,” he said.