News

THE Auditor-General’s (AG) office has red-flagged the ministry of Mines and Mining Development’s financial accounts citing a possible understatement of an amount disclosed as public financial assets. According to the AG’s 2020 report, the Mines and Mining Development ministry failed to produce an accurate return on public financial assets, which might indicate misuse of funds. […]

Zimbabwe’s mining industry is engaging the government over the volatile operating environment which has pushed most of the resources firms to the brink. The multibillion dollar industry, projected to grow by 8% this year, is the country’s largest foreign currency earner, accounting for more than 70% of forex earnings. “We are engaging the government on […]

Diamond production is expected to rise 19% this year to 5m carats from 4,2m achieved last year due to the opening up of the world economies following the slowing down of the Covid-19 pandemic. The improvement in production is also premised on the back of various expansion projects that diamond mining companies are undertaking. The […]

Diversified miner Glencore has published its inaugural Ethics and Compliance Report, with key findings including the group’s 5% reduction in total emissions in 2021 and payments to governments totalling $7.6-billion. The report states the company’s commitment to deliver value for its 135 000 employees and contractors, as well as other stakeholders, by operating transparently under […]

ZICOSTEEL board chair Martin Manuhwa says Kuvimba Mining House’s undertaking to revive Ziscosteel is the best deal the former steel-making company has had. Kuvimba, linked to tycoon Kuda Tagwirei, is set to inject about US$1 billion towards the resuscitation of Ziscosteel over a three year period. The former integrated steelworks giant closed shop nearly two […]

RioZim, which had been banking on Chinese financing to build a major coal-fired power plant, says it is now looking for alternative backers as China pulls back on funding such projects overseas. The effort by RioZim, one of Zimbabwe’s biggest mining and energy companies, reflects how China’s recent U-turn on foreign coal financing is forcing […]

A capital shortfall of US$10 billion over the next five years will limit Zimbabwean mines’ ability to build on better commodity prices expected this year, the Chamber of Mines says. Gold and platinum producers will drive Zimbabwe’s mineral earnings to US$5.5 billion this year, up from US$2.7 billion last year, as companies ramp up production […]

Zimbabwe’s mining sector is anticipating to benefit from elevated commodity prices in the international market this year with the Russia-Ukraine conflict playing a more prominent role in driving up prices. Export receipts are expected to hit US$6bn this year as sanctions are expected to restrict Russia minerals to be sold outside its borders thereby creating […]

Zimbabwe’s gold export revenue more than doubled in the month of February to US$134,99m from US$66,18m achieved in the prior comparative period on the back of increased output and firming prices. Gold delivered to the country’s sole buyer and marketer of the yellow metal, Fidelity Printers and Refiners (FPR) soared 92% to 2,26 tonnes from […]