News

Zimbabwe’s gold deliveries fell 29.2% to 17.59 tonnes during the 11 months of 2020 from 24.88 tonnes recorded during the same period as payments delays fuel smuggling of the yellow metal. The dip in deliveries of gold will affect Zimbabwe’s foreign currency earnings as the yellow metal accounts for more than a third of total […]

Invictus Energy, the Australia listed firm exploring for oil and gas in Muzarabani, has completed field work to map out sites to gather earth crust vibrations that can pinpoint exact locations of oil or gas deposits. According to the company, the ongoing exploration studies are the first such exercise in 30 years, since the not […]

The Zimbabwe government has reduced corporate tax for miners by one percentage point to 24% to enable resources companies achieve acceptable returns from their investments, reduce costs and ensure optimal exploitation of minerals, Finance Minister Mthuli Ncube said Monday. Speaking at a post-budget meeting in the capital, Ncube, said the government had for a many […]

Zimbabwe is deemed to be very attractive among other African countries by mining investors on the back of its geological potential. The country is endowed with vast mineral resources ranging from gold, platinum, diamonds and chrome among others. This falls well into the country’s agenda of achieving a US$12 billion revenue sector by 2023. According […]

First Lady Auxillia Mnangagwa yesterday visited Ran Mine in Bindura to console relatives of artisanal miners trapped last Wednesday when a disused mine shaft collapsed. The First Lady brought foodstuffs that include maize-meal, rice, salt and cooking oil, among others to families who have been camped at the site since last week. The First Lady […]

PLANS by three of the country’s biggest foreign-controlled firms to invest fresh capital into their local operations represent the earliest pointers to a potential bounce back next year following a turmoil-filled 2020, researchers at IH Securities said on Monday. Swiss-headquartered foods and beverages giant, Nestle and Jersey-based Caledonia Mining Corporation have announced combined investments totalling […]

PLANS by Karo Resources (Karo) to set up a US$4,2 billion platinum mining venture and a processing plant in Darwendale after it was controversially allocated claims previously held by Zimplats are crumbling like a deck of cards after the company missed its ambitious target to construct the first of four portals by year end. After […]

Gold deliveries to the country’s sole buyer Fidelity Printers and Refiners (FPR) are expected to plunge 35% this year due to increased smuggling and the negative impact of the Covid-19 pandemic. Gold is the country’s single largest generator of foreign currency and, resultantly, inflow of foreign currency into the country is expected to take a […]

THE Government has allocated $1, 4 billion to the Ministry of Mines and Mining Development as it seeks to better coordinate the envisaged growth expected in the mining sector in 2021. Presenting the 2021 National Budget, Finance and Economic Development Minister Professor Mthuli Ncube, said the mining sector is projected to rebound by 11 percent […]

By Business Reporter – Thursday 26 November 2020 HARARE – The revival of Ziscosteel is key to the economy through its potential benefits in job creation and value chain impact in companies such National Railways of Zimbabwe and Hwange Colliery and the resultant savings in foreign currency in excess of US$1 billion through importation of […]