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President Emmerson Mnangagwa has expanded the Mutapa Investment Fund by adding seven additional parastatals. The announcement was made through Statutory Instrument 51 of 2024, which was published in the Government Gazette on Friday, March 15. The State shareholding in the following companies has been included in the Mutapa Investment Fund: 1. Fidelity Gold Refinery (Private) […]

VICE President Constantino Chiwenga says diamond mining companies in the country must explore the precious gem to further the sector’s growth. The VP said Zimbabwe was lucky to have diamonds within its borders and their mining has played a key role in the country’s development as the sector continues to contribute to the upper middle-income […]

GOVERNMENT’S move this week to suspend issuing of new exclusive prospecting orders (EPOs) will curb speculation and create a level playing field for investors. EPOs give exclusive rights for investors to prospect for specified minerals in an identified location in Zimbabwe. They are issued for three years, although they can be renewed for a maximum […]

Invictus Energy has signed up private equity firm Mangwana Capital to lead negotiations with Zimbabwean institutional funds that are seeking to invest in the energy prospect. Mangwana Capital manages the Mangwana Opportunities Fund, which holds shares in Invictus and other assets on behalf of 35 local institutional investors, including pension funds such as NSSA. Invictus […]

A former Zimbabwe Consolidated Diamond Company (ZCDC) employee, Linda Chiyangwa has won a US$200 000 claim against her former employer who verbally dismissed her in 2016. This follows her successful application for quantification of damages at the Labour Court. Chiyangwa had however claimed US$1 446 738, 75 as salaries and back pay in lieu of […]

Zimbabwe mulls strategy to guard against softening global mineral prices THE Government is in talks with representatives of mining companies over long-term solutions to guard against softening global prices threatening viability. Zimbabwe’s minerals like gold, platinum, chrome, lithium, chrome, nickel and diamonds are feeling the pinch of the softening international prices. The trend, which has […]

Industry is reeling from crippling power cuts with some companies suffering lengthy unscheduled load-shedding of up to 12 hours after Zambezi River Authority (ZRA) reduced the average electricity production at Kariba Dam to 214 megawatts (MW). ZRA is a joint venture outfit owned by the governments of Zimbabwe and Zambia responsible for the management of […]

OIL and gas exploration firm Invictus Energy has received strong interest from multiple domestic institutional investors with the intent of investing into the company after the discovery of gas at Mukuyu field, NewsDay Business can report. The firm recently revealed that preliminary compositional analysis confirmed high quality natural gas containing minimal impurities, which will require […]

The Zimbabwe Electricity Supply Authority (ZESA) Holdings has announced that a system disturbance occurred at Hwange Power Station Wednesday morning. This resulted in the loss of power generation and increased load shedding nationwide. According to the Zimbabwe Power Company, Hwange was generating 774MW, Kariba was producing 300MW, and IPPs were generating 31MW. The system disturbance […]

GOLD deliveries to Fidelity Printers and Refineries (FPR) have suffered a significant decline, according to latest official data. FPR statistics shows that deliveries of the precious metal declined by 22% in February to 1,95 tonnes compared to 2,38 tonnes realised in January. Contrary to tradition where small scale miners have dominated volumes sent to the […]