News

INVICTUS Energy Limited’s (IEL) petroleum exploration development and production agreement (PEDPA) with the government has been reviewed and approved, the firm said last week. The agreement is expected to provide a stable, transparent, legal, and fiscal framework for the exploration and production of oil and gas in Zimbabwe. “The petroleum exploration development and production agreement […]

Government has activated the Chegutu District Civil Protection Unit to help in the current efforts to rescue at least five trapped artisanal miners at Elvington Mine. The miners were trapped yesterday when a shaft they were working in gave in and collapsed. Mines and Minerals Development ministry at the site say the rescue efforts are […]

HENRIETTA Rushwaya’s accomplices, Stephen Tserai, Raphios Mufandauya and Gift Karanda, who are facing allegations of attempting to smuggle gold out of the country, were today freed on $30 000 bail each. Harare regional magistrate Mr Ngoni Nduna also ordered the trio not to visit the Robert Gabriel Mugabe International Airport and report twice a month […]

ZIMBABWE’s mining industry has warned that a Reserve Bank of Zimbabwe (RBZ) directive early this month pushing foreign currency retention thresholds to 40% will trigger viability problems in the industry. Previously, mining houses were required to surrender 30% of their export earnings to the central bank, which was transferred into firms’ Zimbabwe dollar accounts at […]

RESOURCES outfit, Caledonia Mining Corporation said on Tuesday achieving its targeted production of 80 000 ounces (oz) of gold next year might not be guaranteed as a range of factors would have to be considered after commissioning Central Shaft this quarter. In an exclusive interview with NewsDay Business, Caledonia chief financial officer (CFO) Mark Learmonth […]

AIM and New York Stock Exchange-listed Caledonia Mining Corporation produced a record 57 899 ounces (oz) of gold at its Zimbabwe-based Blanket Mine in 2020, representing a 5% growth on the prior comparable period in 2019. The firm also met the top end of its revised increased guidance for the year.Caledonia had its guidance set […]

IN 2019, the Government launched a roadmap to grow the mining sector to US$12 billion by 2023 through leveraging on the country’s diverse mineral wealth. Some critics described the plan as over-ambitious as it was likely to be stymied by lack of foreign direct investment, inefficient utilities, poor transportation, particularly rail, and lack of skills […]

Zimbabwe should brace for a dry year as the coronavirus pandemic enters its deadliest phase yet, hitting the mining sector, one of the country’s leading forex earners, players in the mining sector warned this week. They project gold’s export receipts to fall further this year. Last year, earnings fell 16% to US$891.5m from US$1.064.5bn recorded […]

A NUMBER of investors from Israel have expressed interest in investing in Zimbabwe’s diamond sector, with some of them keen on setting up a massive cutting and polishing plant in the country. Under Government’s Economic Diplomacy thrust, President Mnangagwa appointed Mr Ronny Levi Musan as Honorary Consul to Israel and the envoy has already hit […]