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Zimbabwean miners could pay half of their royalties in minerals as part of a plan by Government to build up mineral reserves. Currently, platinum miners pay 2.5% in royalties. They start paying 5% in January. Gold royalties are at 5%, which is what miners pay when the gold price is above US$1,200 an ounce. They […]

VICTORIA Falls Stock Exchange-listed resources firm, Caledonia Mining Corporation yesterday said it has plans to restart an oxides operation at Bilboes Gold near Bulawayo. Caledonia recently took over Bilboes Gold in a multimillion-dollar deal. In a market update, Caledonia said the plan was to create a cash-generating operation within a period of six months. Under […]

CURRENT liabilities at the listed multi-asset resource outfit, RioZim, barrelled over current assets by $13 billion during the half-year to June 30, 2022, financial statements showed, as terrified authorities feared the firm could collapse. Firms sitting on higher current liabilities than assets sweat over working capital – the liquidity that managers require to fund day-to-day […]

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 […]