KUVIMBA Mining House (KMH) group chief executive officer Simbarashe Chinyemba is reportedly leaving the mining giant to join the Mutapa Investment Fund as chief investment officer, NewsDay Business can reveal.
A distinguished fellow of the Institute and Faculty of Actuaries (UK), Chinyemba replaced David Brown, who stepped down in August 2021 as group CEO for KMH.
Prior to that, Chinyemba was KMH chief operating officer.
“He is leaving KMH for Mutapa as chief investment officer,” a reliable source told NewsDay Business.
“Under his leadership, defunct mines were resuscitated and turned into profitable ventures. These include Zimbabwe Alloys, Shamva and Sandawana, among others.”
Under Chinyemba’s strategy to streamline operations and decentralise decision making, the diversified mining group last year restructured its operations into four main clusters — gold, energy, platinum group minerals (PGMs) and bulk metals.
The strategy set the mining firm on a growth path and enhanced its resilience.
Within the energy cluster there is Bindura Nickel Corporation and Sandawana, the gold cluster has Shamva Mine, Jena Mine and Freda Rebecca, bulk metals cluster has Zim Alloys with Great Dyke Investments making up the PGMs cluster.
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Each cluster is headed by a team of technocrats, with many years’ experience in the mining sectors.
Chinyemba had plans to list the company on the Victoria Falls Stock Exchange.
In addition, he pushed for gender parity in the traditionally male-dominated mining business by insisting on a quota for women working for KMH.
The mining giant participated actively in community-based corporate social responsibility initiatives during his stint at the helm.
KMH holds some of Zimbabwe’s best mining assets.
The mining firm is now under Mutapa, Zimbabwe’s state sovereign wealth fund.
Efforts to get a comment from KMH and Chinyemba were fruitless.
