News

Zimbabwe’s sole authorised buyer of gold will introduce a system that traces supply of the metal from mines to the market in a bid to stop smuggling. Fidelity Gold Refinery’s initiative will start on September 30, General Manager Peter Magaramombe told miners Monday in the capital, Harare. “The system allows for real-time monitoring from bullion […]

MASSIVE gold leakages have seen the country recording a 1,9% drop in output of the yellow metal in the first quarter of 2024, NewsDay has leant. With the Reserve Bank of Zimbabwe banking on increased gold output to shore up the recently introduced gold-backed Zimbabwe Gold (ZiG) currency, fears abound that the fall in output […]

MINES Minister Winston Chitando has, on behalf of the Government of Zimbabwe, received an invitation to this year’s World Gold Council’s China Gold Congress, one of the biggest minerals conventions on the globe. The conference, set to be held in Shanghai at the National Convention Centre from July 26 to 28, brings together government officials, […]

The Centre for Natural Resource Governance (CNRG) notes with concern a developing criminal case against five accomplices accused of stealing diamonds during a routine sale transaction at the RGM International Airport. This incident, reported by local media, reveals glaring governance and oversight loopholes in the sale of diamonds by a leading diamond mining company Anjin […]

A LOCAL investor BER–Pig Iron and Steel Company (BPISC) has invested US$43,8 million to establish an iron ore processing plant in Redcliff, Midlands province. The company will run under a local consortium Berhard Development Corporation (PVT) Limited. Speaking on the sidelines of a business expo held in Kwekwe recently, BPISC chief executive Bernard Mutanga said […]

GROSS profit at the Victoria Falls Stock Exchange-listed Caledonia Mining Corporation more than doubled to US$13,8 million in the first quarter of this year due to higher gold revenue and lower production costs. Last year in the same period, profit stood at US$5,8 million. The mining giant produced 17 476 ounces of gold in the […]

Padenga Holdings Limited, is on track to increase gold production while also achieving its 2024/25 crocodile skin contract volumes. The expected increase in gold production and fulfilling its crocodile skin contract volumes is set to leave the firm with increased foreign currency earnings, the company said. In its trading update for the first quarter of […]

FIVE suspected diamond thieves went on a spending spree and one of them lost US$2 000 of his share at a soccer bet in Harare. This emerged at the Harare Magistrates Court yesterday when the suspects appeared before Harare Provincial Magistrate Apollonia Marutya yesterday. Marutya remanded the suspects Silas Chirume (54), Edward Jacob Gunda (62), […]

RESOURCES concern RioZim Limited is redirecting its focus to find alternative power sources in a bid to stabilise production and bring the group out of its loss-making position. The strategy comes as the group saw an 870% increase in cost of sales to ZWL$190,68 billion in the year ended December 31, 2023, from a 2022 […]