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Four Zimbabwean entities have signed over US$188 million worth of agreements with the African Export-Import Bank, with most of the new funding going into energy, the bank said Friday. Afreximbank said it had signed loans worth US$188,600,000 with the power utility Zimbabwe Electricity Transmission & Distribution Company (ZETDC), as well as with CABS, CBZ and […]

Major Rio Tinto has become the sole owner of Diavik diamond mine in the Northwest Territories of Canada, continuing its leading role in the Canadian diamond industry. The miner this week completed a transaction for the acquisition of the 40% share held by Dominion Diamond Mines in Diavik, following the Court of Queen’s Bench of […]

THE under-fire Mutare City Council leased an entire mountain to a Chinese quarry miner for a paltry US$7 500 annual fee, fresh developments in the scandalous deal which has roused the residents indicate. The lease agreement indicates that the local authority, and the miner, Freestone Mines agreed on a deal to extract quarry in the […]

Fidelity Printers and Refiners (FPR) is confident that gold deliveries to the country’s sole gold buyer and exporter, will reach the projected 100 tonnes delivery by 2023 as the sector is poised to fetch an annual revenue of US$4billion. Fidelity acting General Manager Mr. Peter Magaramombe said this during a tour by the Parliamentary Portfolio […]

Zimbabwe Electricity Supply Authority (ZESA) has disconnected the power supply from the defunct giant steel manufacturer, Ziscosteel, over a ZW$40 million debt. This comes only 2 weeks after Zesa threatened to switch off mining houses over a US$37 million legacy debt, which it blames for crippling the power utility’s operational efficiency. Yesterday, ZISCO group chief […]

THIS week, the government expressed confidence that it is on track to meet the US$12-billion mining sector economy target announced about two years ago. The announcements by both Mines and Mining Development minister, Winston Chitando and his deputy, Polite Kambamura gives confidence that recovery for the industry is in sight and investors are likely to […]

he Kimberley Process (KP) has elected Zimbabwe as the organization’s future leader — and the Civil Society Coalition has said it’s okay with that. The country, which has faced criticism for alleged human-rights abuses at mines, will take over as vice chair next year, the KP announced in a communiqué following last week’s annual plenary. […]