News

CHINESE mining firm Anjin Investments suffered a massive slump in diamond production in 2021 recording 70 000 carats from 790 000 carats produced the previous year due to the relocation of its processing plants. The diamond company is, however, projecting a production ramp up this year. Anjin is a 50-50 partnership between Chinese investor Anhui […]

Fossil Mining, which has won the bid to buy Lafarge Zimbabwe, says it plans to keep the company on the stock exchange and recapitalise it when it completes the takeover of the country’s number two cement maker. Holcim, Lafarge’s holding company, picked Fossil as its preferred bidder for Lafarge. Holcim announced its exit from Zimbabwe […]

Russia’s JSC Afromet has exited a platinum mining joint venture once touted to become the biggest mining venture in Zimbabwe, its Zimbabwean state-owned partner said on Thursday, announcing it had taken full control of the project. JSC Afromet, a unit of Russian businessman Vitaly Machitski’s Vi Holdings, and Zimbabwe’s Kuvimba Mining House each held 50% […]

DIVERSIFIED mining group Kuvimba Mining House (KMH) has purchased 50% of Great Dyke Investments (GDI) shares from Afromet Joint Stock Company, making it the largest shareholder in the platinum operation. This week, Russia’s Vi Holdings said it had exited GDI, triggering fears that the big investment might flop. In a statement, GDI said its decision […]

Zimbabwe’s plan to refurbish two idled coal-fired power stations has been thrown into disarray by China’s decision to ban investment in plants burning the dirtiest fossil fuel outside its borders. Zimbabwe was depending on China to help get the Bulawayo Power Station, which has a design capacity of 90 megawatts, and Munyati Power Station, meant […]

INVICTUS Energy, the southern Africa-focused resources firm, says a rig that is set to drill test wells at the Cabora Bassa project in Zimbabwe has begun the crucial journey from Tanzania. #Exalo Rig 202 had been held by customs authorities in Tanzania after completing a similar operation at Songo Songo Island. But in a statement […]

AS the nation on Monday commemorated the Kamandama Mine disaster, Hwange residents have expressed concern over another looming disaster of underground coal seam fires in the area. In the mine disaster which occurred on June 6 1972, a total of 427 miners perished following an underground methane dust explosion. The accident, one of the worst […]

Holcim is selling its Zimbabwe unit Lafarge to Fossil Mines, as part of its global asset sale. Fossil Mining is run by Obey Chimuka, a long-time associate of businessman Kuda Tagwirei, and is part of a group that has recently won a string of government infrastructure contracts. “Further to the cautionary announcement dated 31 May […]

Russia’s Vi Holdings says it has exited from Great Dyke Investments (GDI), leaving the futute of what is supposed to be Zimbabwe’s biggest platinum project at risk. Vi Holdings is ceding its 47.8% stake to its local partners, Kuvimba Mining House and Fossil, according to Vi Holdings representative Igor Higer. In a statement, GDI said […]

GOVERNMENT has set up an inter-ministerial team to oversee the improvement of security systems at ports of entry to curb mineral smuggling, Mines and Mining Development deputy minister Polite Kambamura has said. A 2019 report by the International Crisis Group estimated that the country was losing around US$1,5 billion a year through the smuggling of […]