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FEATURED
Mining Index Zimbabwe
- February 24, 2022
358 views 5 mins

Miners’ royalties headache

Zimbabwe’s mining industry wants to wholly pay royalties, taxes and other levies in local currency to improve the viability of the sector amid revelations they are struggling to find takers for the local currency. Currently, the miners are paying half of their royalties in Zimbabwe dollars, a situation which has sparked a major headache for […]

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161 views
FEATURED
Mining Index Zimbabwe
- February 24, 2022
161 views 3 mins

Zim earns US$30m from Arcadia deal

ZIMBABWE is set to reap about US$30 million as capital gains tax from the sale of Arcadia lithium project by Prospect Resources to a Chinese resources outfit, Zhejiang Huayou Cobalt Co (Huayou). On December 23, 2021, Prospect announced it had executed a binding agreement with Huayou for the sale of its 87% interest in the […]

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259 views
FEATURED
Mining Index Zimbabwe
- February 23, 2022
259 views 6 mins

Rio Tinto posts bumper year

Diversified giant Rio Tinto has reported record results for the 2021 financial year, with a 116% surge in aftertax profit. “Our people have continued to safely run our world-class assets and are working hard to improve our operational performance, despite challenging operating conditions from prolonged Covid-19 disruptions,” CEO Jakob Stausholm said on Wednesday. “The recovery […]

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FEATURED
Mining Index Zimbabwe
- February 23, 2022
220 views 44 secs

Surging diamond demand helps Botswana trader post record sales

Botswana’s State-run diamond trader reported record revenue last year with sales surging almost five fold after imports from the US recovered from a Covid-19 induced slowdown. Okavango Diamond Company sold $963-million of rough diamonds last year, said Dennis Tlaang, a company spokesman. The revenue was the most since the company began operations in 2012, he […]

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249 views
FEATURED
Mining Index Zimbabwe
- February 23, 2022
249 views 6 mins

Petra reduces debt further, posts 87% growth in interim Ebitda

The first half of the 2022 financial year has set London-listed Petra Diamonds in good stead to maintain profitability and cash flow, as well as meet operational guidance for the full-year. In the six months ended December 31, 2021, Petra grew its adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) by 87% to $150-million, […]

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304 views
FEATURED
Mining Index Zimbabwe
- February 23, 2022
304 views 6 mins

Miners liken forex retention regime to tax

ZIMBABWE’S mining industry is losing 20% of its local currency indexed revenue due to a tough retention regime that compels operators to surrender forex to the central bank, according to the Chamber of Mines of Zimbabwe (CoMZ). Under the contentious surrender requirements, operators are compelled to retain 60% of their export proceeds in foreign currency. […]

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171 views
FEATURED
Mining Index Zimbabwe
- February 23, 2022
171 views 3 mins

New bid to revive Zisco

GOVERNMENT yesterday said it had chosen Kuvimba Mining House, a company in which it has majority shareholding and is linked to President Emmerson Mnangagwa’s ally, to revive the moribund ZiscoSteel. The government created Kuvimba in 2020, in which the State pension funds and sovereign wealth fund hold 65%, to house its interests in platinum, gold […]

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335 views
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Mining Index Zimbabwe
- February 23, 2022
335 views 3 mins

Blanket Mine records first fatal accident in 3 million hours

Blanket Mine has reported its first fatal accident in three million hours, its Jersey-headquartered parent, Caledonia Mining Corporation said on Tuesday, only a week after saying it was “proud” of its safety record. Last week, Caledonia chief executive officer Steve Curtis told journalists in Harare that the firm had clocked almost three million accident-free hours […]

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178 views
FEATURED
Mining Index Zimbabwe
- February 22, 2022
178 views 4 mins

‘Coal-fired power plants for another three decades’

ZIMBABWE industry could continue running on coal-fired power plants beyond the next three decades, before completely switching to environmentally friendly advanced technologies, a government official said this week. The global shift from coal, which has been underpinned by fears of escalating climate-change-induced disasters, gained traction during last year’s COP26 conference in Glasgow, Scotland. In an […]

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351 views
FEATURED
Mining Index Zimbabwe
- February 22, 2022
351 views 5 mins

Zim sees massive platinum rebound

ZIMBABWE’s government this week projected a healthy growth rate in platinum output during 2022, confirming positive sentiment by a new authoritative report, which projected stronger foreign direct investment (FDI) inflows across minerals. Mines and Mining Development deputy minister Polite Kambamura said platinum miners saw their contribution to mineral revenue rise to almost 50% last year. […]

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