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FEATURED
Mining Index Zimbabwe
- May 6, 2022
245 views 2 mins

Prospect receives US$342,9 mln in Arcadia disposal, eyes new Zimbabwe project

PROSPECT resources Limited has received US$342,9 million payment for its Harare-based Arcadia project amid plans to shift focus to the exploration of near-by Step Aside project. In a recent update, the miner said conditions precedent relating to the transaction were progressed and subsequent to the quarter ending April 2022, Prospect completed the sale of its […]

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306 views
FEATURED
Mining Index Zimbabwe
- May 6, 2022
306 views 4 mins

Exchange rate crisis weighs down RioZim

PRODUCTION at listed multi-asset mining concern, RioZim, was affected by exchange rate distortions during the year ended December 31, 2021. The firm said operations were affected by power outages across its mines, along with policy inconsistencies. The firm reported a 7% decline in gold output, but revenue increased by 84% to $5,8 billion, chairperson Saleem […]

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202 views
FEATURED
Mining Index Zimbabwe
- May 6, 2022
202 views 3 mins

Premier Africa Minerals chairperson steps down

Premier African Minerals chairperson Neil Herbert has resigned from the board with immediate effect. Herbert, who joined the company as non-executive chairperson in 2020, has left the board to pursue other business interests including his recent appointment as executive chairperson of Atlantic. “Herbert rejoined the Premier board at a critical time in the rejuvenation of […]

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373 views
FEATURED
Mining Index Zimbabwe
- May 5, 2022
373 views 18 secs

Alrosa poised to sell diamonds to Gokhran

Russia’s state gem depository could buy diamonds from Alrosa this year, the country’s finance minister reportedly said. The potential move comes amid Western sanctions against Russia and Alrosa that have threatened the company’s ability to sell rough. “We do not rule out the possibility of Gokhran purchasing diamonds produced by Alrosa,” Reuters cited Anton Siluanov […]

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229 views
FEATURED
Mining Index Zimbabwe
- May 5, 2022
229 views 2 mins

Rio hopes for bigger spending on growth projects

Diversified miner Rio Tinto is hoping to increase its investment in growth capital to $3-billion a year, by 2023 to 2024, with a focus on energy commodities, including iron-ore. CEO Jakob Stausham told the company’s annual general meeting on Thursday that the company was well placed to grow and meet the increased demand for materials […]

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417 views
FEATURED
Mining Index Zimbabwe
- May 5, 2022
417 views 2 mins

Tharisa plans a US$50m bond listing on VFEX to develop new Zimbabwe mine

Tharisa, the South African company developing a platinum mine in Zimbabwe, plans to sell US$50 million of bonds on the Victoria Falls Stock Exchange to help finance the project. The miner last month announced a US$250 million first phase investment in Karo mine, expected to begin development later this year. “While the financing solution for […]

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213 views
FEATURED
Mining Index Zimbabwe
- May 5, 2022
213 views 2 mins

Gold operations anchor Padenga revenue growth

Listed diversified group, Padenga Holdings Limited’s revenue grew 10% to US$78.5m in the reviewed period from US$71.6m achieved in the previous year on the positive performance in the gold mining division. The uptick in revenue comes when the crocodile and the alligator businesses faced reduced demand and changing market dynamics. Padenga recently acquired a controlling […]

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478 views
FEATURED
Mining Index Zimbabwe
- May 5, 2022
478 views 7 mins

Time to deal with our resource curse

INVESTIGATIONS correspondent at the Financial Times, Tim Burgis published a book in 2017 titled The looting machine. It is kaleidoscope of the penury of Africa caused by a coalition between an international predatory mafia and African Presidents and their predatory coalitions made up of party loyalists, the army, intelligence services and State institutions that are […]

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164 views
FEATURED
Mining Index Zimbabwe
- May 4, 2022
164 views 5 mins

Zimbabwe discusses deal to use mineral earnings to pay off Trafigura’s old fuel debts

Trafigura Group and Zimbabwe’s government have discussed a deal that would give the commodities trader control over output from some of the nation’s biggest mines as repayment for debts. Under the agreement, Trafigura will be paid US$225.6 million by nickel- and gold-mining subsidiaries of state-run Kuvimba Mining House for fuel bills Zimbabwe owes Trafigura on […]

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307 views
FEATURED
Mining Index Zimbabwe
- May 4, 2022
307 views 4 mins

Shares in Invictus Energy close a whopping 21% up; firm developing Muzarabani gas project

Invictus Energy Limited (ASX:IVZ) unveiled its financial and operational performance report for the quarter ended 31 March 2022. The Company is opening one of the last untested large frontier rift basins in onshore Africa, the Cabora Bassa Basin. Mukuyu Prospect drilling is anticipated to commence in July 2022. Shares of Invictus Energy Limited (ASX:IVZ) traded […]

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