Army has shares in GDI

ZIMBABWE Mining Development Corporation (ZMDC) board chairperson Peter Chimboza on Monday disclosed to Parliament that the army has 30% shareholding in the Great Dyke Investment (GDI) mining company.

BY VENERANDA LANGA

Chimboza had appeared before the Temba Mliswa-led Parliamentary Portfolio Committee on Mines where he was grilled over ownership of GDI.

GDI got platinum claims in 2008 which are lying idle. Munashe Shava who is the company chief operating officer was appointed as one of the assistants to Hwange Colliery Company administrator Bekithemba Moyo, and MPs wanted to know if GDI was not conflicted in dealing with the Hwange Colliery issue.

The committee also expressed concern that Shava was coming from a company which was not performing in its platinum claims, and that the failure will be replicated in the reconstruction of Hwange Colliery company.

“Great Dyke Investment’s shareholding structure is composed of Afromet, a Russian company with 50% shares, and then another company Peneast has 50% shares,” Chimboza said.

“Peneast comprises two companies, Old Stone which is owned by the Ministry of Defence and has 30% shareholding, while the other company is ZMDC with 20% shares to make the 50% Peneast shareholding,” he said.

Chimboza told the MPs that Foreign Affairs minister Sibusiso Moyo and Ministry of Defence secretary Martin Rushwaya signed on behalf of Old Stone, while ZMDC was represented by Zenzo Nsimbi.

3 Comments

  1. Another DRC plunder. The army in crumpling Hwange. Zisco phase 2. Is Sibusiso still a signatory since he retired from the army or is he a shareholder of the army.

  2. Comment…The army has no business in mining as its core business is providing security to the nation. ZMDC should hold all govt interests and should appoint people of ability and not political connected if the country is to get value. We must learn from the Chiadzwa diamonds debacle where people with no clue on diamonds were appointed because of political connections

  3. It all started during land reform, when these guys grabbed well developed and resourced farms at ZERO cost to themselves. Then it went on to Gono dishing out tractors and combine harvesters knowing fully well that no-one was going to follow these guys for payment and the poor guy will pay for them. Interestingly, this is the time they installed Robert Mugabe after his loss to MRT (now we can all see the cost that was paid). From then, these guys became untouchables so they expanded deep into the mining sector into Marange diamonds. Only a few guys are benefiting while they use the name of ZNA as cover. Otherwise there has not been any developments or army acquisitions which has been developed from all these “businesses”. Now that they have gone all the way to toppling and installing their preferred Zanu leader, we will soon know the costs. Remember these guys saying they are stockholders in Zanu? We can all kiss our goodbyes to any development in Zim for a long time under this Junta regime.

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