News

Prospect Resources — developer of the Arcadia lithium project near Harare — has begun discussions with financiers to unlock funding for the staged development of a petalite pilot plant needed to achieve near-term production, the mining junior said last week. The company is in discussions with financiers, strategic corporate and institutional funders. Talks to consider developing a joint venture […]

ZIMBABWE’s sole graphite producer Lynx Mine has sought bankruptcy protection, five years after the Zimbabwe Mining Development Corporation (ZMDC)-controlled operation hit turbulence as international graphite prices plummeted. The 56-year-old firm, formerly a joint venture between the ZMDC and Graphite Kropfmühl GmbH of Germany, at one point scoured the markets courting lenders to inject about US$5 […]

ZIMBABWE’s new bourse, the Victoria Falls Stock Exchange (VFEX) has been pulled back by multiple headwinds stemming out of its “politically motivated” founding process last year after Zanu PF hawks were angered by fungible counters, analysts said this week. The hype that permeated Zimbabwe’s capital markets during the build up to the VFEX’s launch six […]

MIDLANDS-based, Chimona Mining Company, has spread its wings to Bubi District in Matabeleland North where it has acquired new gold mining rights and will be setting up a processing centre under a US$500 000 investment. The venture is expected to create more job opportunities and promote formalisation of artisanal mining activities in Bubi, which is […]

NYSE-listed resources outfit Caledonia Mining Corporation Plc got a major boost last week after it was admitted into the MVIS Global Junior Gold Miners (GDXJ) Index for the first time. The admission, which became effective on Friday, followed the GDXJ Index’s first quarter 2021 review, according to a statement released by the firm whose flagship […]

The Zimbabwe Iron and Steel Company (ZISCO) is strengthening corporate governance systems to enhance its attractiveness to investors, a Cabinet minister has revealed.  Industry and Commerce Minister Dr Sekai Nzenza, told The Herald Finance & Business that board compact and charter was signed and all corporate governance, performance management and loss control systems were now in place.   […]

One buyer has been snapping up all parcels at diamond auctions amid concerns some officials from the Zimbabwe Consolidated Diamond Company (ZCDC) and the Minerals Marketing Corporation of Zimbabwe (MMCZ) could be leaking the reserve price in the latest scandal to hit the sector, Business Times can report. This has consequently taken the high moral […]

Fidelity Printers and Refiners (FPR) general manager, Fradreck Kunaka, is leaving the country’s sole buyer, refiner, and exporter of gold, at the end of this month after six years at the helm. Well-placed sources at FPR, a subsidiary of the Reserve Bank of Zimbabwe (RBZ), this week said his departure after 20 years of service, […]

ZIMBABWE’S largest platinum group of metals (PGMs) producer, Zimplats Holdings Limited, has recorded a 79 percent increase in sales revenue for the half year ended December 31, 2020 after receipting close to US$675 million. The resources group reported that the jump was largely a result of increases in average metal prices and volumes of metal […]

A US$33 million chest has been set aside for the revival of Metallon Gold’s two gold mining assets that have run into viability problems largely due to lack of capital, The Herald Business and Finance has established. Metallon was at one-time Zimbabwe’s largest gold producers, thanks to output from its mining assets which included How […]