News

MYSTERY has shrouded the proposed development of Ngezi-based US$250 million platinum project after the much-touted investment has failed to take off four years since the entity was allocated vast claims straddling on 23 000 hectares along the resource rich Great Dyke, the Zimbabwe Independent can reveal. Secrecy shrouding factors militating against the multi-million-dollar project, coupled […]

THE sight of an oil rig jutting out of the largely hostile Zambezi Valley is undoubtedly enthralling for Zimbabwe, a nation that has been on a rough patch for more than two decades. We hear that Australia Stock Exchange-listed energy explorer, Invictus Energy, has started drilling the first of two test wells at its Cabora […]

THE Reserve Bank of Zimbabwe (RBZ) has made an unverifiable claim that the uptake of gold coins has so far reached ZW$9 billion mark, with corporates dominating the list of buyers. The development, RBZ says, demonstrated confidence in the investment instrument. The gold coins were introduced as a measure to provide the market with an […]

A perfect storm of breakdowns at Hwange’s aged power plants, failure of a unit at Kariba, and a fire that took out transmission lines caused the worst outages in years this week, the Energy Ministry says. Gloria Magombo, Permanent Secretary in the Ministry, has given a briefing to the press on why power cuts dramatically […]

TWO men from Chikuti near Chinhoyi were bludgeoned to death using machetes Thursday as artisanal miners engaged in a bloody battle over a woman. The deceased have been identified as Tinashe Nyanguwo (38) and Joshua Kandungure (37). Two other men involved in the row, and still at large, are now wanted for murder. Zimbabwe Republic […]

THE major power blackout that hit Zimbabwe on Tuesday and Wednesday was reportedly a result of a massive explosion at Hwange Power Station’s power generation Unit 4 on Tuesday. Hwange, with an installed capacity of 920 megawatts (MW), produced zero power following the Tuesday explosion, but peaked to 238MW on Thursday, according the Zesa Holdings […]

Russian miner Alrosa PSJC has discovered 22 new diamond deposits in Zimbabwe, according to the southern African nation’s president, Emmerson Mnangagwa. Alrosa will only be allowed to work on two of the diamond deposits, while the rest will be made available to other investors, Zimbabwe’s Information Ministry said, citing comments by Mnangagwa in New York […]

NATIONAL power utility, Zesa Holdings almost doubled power tariffs on Monday as it battles to offset a drop in imports from South Africa and internal problems at its power plants. Tariffs for one to 50 units of power were increased from $8,02 to $15 per unit, while 51 to 100 units now cost $30 from […]

A TRADE union has given the Zimbabwe Stock Exchange-listed resources outfit RioZim a seven-day ultimatum to recapitalise and settle outstanding salaries or face administration. In a letter addressed to RioZim chairperson Saleem Rashid Beebeejaun, the Zimbabwe Diamond Mineral and Allied Workers Union (Zdamwu) claimed that for too long, workers at the multi-resource operation had lived […]

AUSTRALIA Stock Exchange (ASX)-listed energy explorer, Invictus Energy, kicked off drilling the first of two test wells at its Zimbabwe-based Cabora Bassa claims on Friday, marking an important step in its search for oil and gas in the country. In a statement released yesterday, “excited” bosses at the resources junior said Exalo, the Romanian oil […]