News

Global exploration giant Invictus Energy Limited estimates that Zimbabwe holds one of the world’s largest oil and gas deposits. The Australian based company’s latest report states that the Muzarabani prospect in Zimbabwe’s Mashonaland Central Province holds 1.3 billion barrels of oil equivalent, consisting of 6.5 trillion cubic feet and 200 million barrels of oil. Invictus […]

PARLIAMENT’S Portfolio Committee on Mines and Mining Development has raised serious concerns over gold smuggling and the general chaotic state of Zimbabwe’s gold mining sector. Committee chairperson Edmund Mkaratigwa was quoted as saying: “Sadly there are leakages and a weak legal framework, which is making it difficult for citizens to fully benefit from these minerals. […]

Gold miners say they can only invest the US$1 billion required for development over the next five years if they can retain a greater share of their foreign exchange earnings. In January last year, the central bank announced that exporters must hand over 40% of their foreign currency earnings, which is then paid out in […]

Government has injected US$15 million towards the expansion of Feruka pipeline, as it scales up plans to convert the Msasa fuel depot in Harare into a regional inland hub for fuel distribution for Southern African Development Community (Sadc) countries. Energy and Power Development permanent secretary Gloria Magombo said the programme will enable trucks to deliver […]

Zimbabwe says it is in talks with the Dubai unit of SkyPower, a renewable energy projects developer, to build 500MW of solar plants in the country. The proposed solar parks would be built in phases, the government said on Tuesday, but gave no financial details. “The Framework Agreement will pave way for engagement between SkyPower […]

Kuvimba Mining House, the country’s biggest gold producer by output, plans to increase output at Shamva Mine fivefold by next year. The government holds a 65% stake in Kuvimba, which bought Shamva from Metallon in 2020 as part of a rush of mine asset acquisitions. “Shamva is coming up with a huge expansion project which […]

JAILED former mines secretary, Francis Gudyanga’s application challenging conviction and sentence has been dismissed by Justice Benjamin Chikowero. Gudyanga had appealed against both conviction and sentence, arguing he did not steal from the state as accused. He was jailed by Harare magistrate, Barbara Chimboza, who suspended part of his sentence on condition he restitutes the […]

INVICTUS Energy Limited, which is exploring for oil and gas in the Cabora Bassa Basin, has been awarded three carbon offset projects in the south of the country, covering a combined 301,565 hectares of indigenous forests. The projects, entered into under a 30-year contract with the Forestry Commission of Zimbabwe (FCZ), are for the development […]

ZIMBABWE’S mining industry has mounted a fresh appeal for authorities to cut diamond royalties by three percentage points to save bleeding producers, as it emerged bankruptcies were lurking across coal extractors. Diamond miners are currently required to pay 10% of their gross earnings to the State in royalties. However, in a paper obtained during the […]

THE Reserve Bank of Zimbabwe (RBZ) has revealed that 1 500 gold coins were sold by its agents during the first week of their release onto the market, signalling a strong demand for the yellow metal currency but 85% of the sales were in local currency. The central bank, which released a total of 2 […]