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Companies - June 25, 2021

Zimbabwe Mining CEO to Exit, Could Spell Doom for the Economy

David Brown, the CEO of Zimbabwe’s Kuvimba Mining House Ltd. has disclosed his intention to step down, risking the profitability of a company the government hopes will play a pivotal role in the country’s economic revival.

According to two persons acquainted with the issue, the 58-year-old South African mining veteran has informed Kuvimba stakeholders that he intends to step down from executive roles.  Brown refused to issue a press statement on the circumstances surrounding his exit from Kuvimba.

“It has always been my intention to transition from executive roles to non-executive roles,” Brown said in a separate emailed response to queries. “When I joined it was always understood that this was the process I wanted to follow.”

Kuvimba says it aims to build one of the world’s biggest platinum mines and revive a number of neglected gold and operations, projects that are key to boosting the nation’s export earnings. Zimbabwe’s finance minister, Mthuli Ncube, in January said Brown was appointed to head the company because of his international experience and track record.

The process of appointing his successor will raise issues of power and ownership.The government claims to own 65 per cent of Kuvimba, which also has nickel and chrome activities. However, documents, emails, and WhatsApp messages seen and reported by Bloomberg on May 11 show how the assets that make up the core of its holdings were previously owned by or linked to Kudakwashe Tagwirei, a politically connected businessman and presidential adviser sanctioned by the US last year for corruption.


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