News

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 […]

Zimbabwe’s first satellite — ZimSat-1 — will reach the International Space Station (ISS) next month before its launch into orbit in November, marking the country’s entry into space after a two-month delay caused by inclement weather. ZimSat-1 will be on board the Cygnus NG-18, an uncrewed spacecraft that provides commercial cargo resupply services to the […]

THE Mines and Mining Development ministry failed to submit records over its operations to the Auditor-General (AG)’s Office for the 2021 period. “Mines and Mining Development ministry did not submit for audit the annual performance reports for the year ended December 31, 2021. I was, therefore, unable to assess the ministry’s achievement of the targets […]

AFRICA Oil Week, a prestigious global platform for stimulating deals and transactions across the continent held annually, will this year host Zimbabwe’s Energy Minister, Soda Zhemu. For over 25 years the event has brought together governments, national and international oil companies, independents, investors and providers to tap into the potential of the continent’s oil and […]

SOME 40 families facing displacement by a multi-million-dollar lithium mine in Buhera have now been relocated to new houses build by a Chinese company behind the project. Max Mind Zimbabwe established a lithium mine earlier this year in Ward 12 which falls under Chief Chitsunge, some 40km east of Murambinda town. As part of the […]

PETROZIM Line, the State-controlled firm that operates the 208 kilometre Feruka-Harare oil pipeline, has defaulted in servicing a £10 million loan extended by a United Kingdom-based lender about 30 years ago, burning substantial amounts in penalties. Official reports showed yesterday that the firm had settled most of the principal amount but has defaulted on the […]

The gold coins that have been in circulation in Zimbabwe for almost three months are a missed chance to build the nation’s gold reserves, according to the International Monetary Fund. “The sale of gold coins has contributed to withdrawing Zimbabwe dollar liquidity from the market, though it represents an opportunity cost in terms of foregone […]