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INVICTUS Energy, a firm hoping to make Zimbabwe’s first oil find, spent A$12,664 million (about US$8,41 million) in exploration and evaluation activities during the quarter ended June 30, 2023, NewsDay Business can reveal. In an update on its financial and operational performance for the quarter ended June 30, 2023, Invictus said it was well-funded for […]

ZIMBABWE lacks mining legislation that protects locals from exploitation, resulting in their failure to benefit from natural resources in their communities, a United States (US) official has said. Acting US embassy public affairs officer Rebecca Archer-Knepper applauded government for its “positive steps” to encourage foreign investment, which includes the formation of the Zimbabwe Investment Development […]

UK-based opportunity-driven company, Galileo Resources Plc has reported discovering key lithium sources after recent drills at Kamativi in Zimbabwe. In a recent update, the top miner said the discoveries were found over substantial widths in the first two holes with the longest running zone stretching from 28.3 meters (m) to 46.3m in hole KSDD001. The […]

London-listed Contango Holdings’ Muchesu mine in Zimbabwe was officially opened by Zimbabwe President Dr Emmerson Mnangagwa on August 1. Contango owns 70% of the Muchesu coal project (previously known as the Lubu coal project), while the balance is owned by Zimbabwean stakeholders. The project covers 19 236 ha of the highly prospective Karroo Mid Zambezi […]

GOVERNMENT’s laxity in monitoring the mining industry has precipitated widespread gold smuggling at a time when the country is targeting a US$12 billion mining industry by 2023. Authorities in Zimbabwe have been urged to combat unlawful gold trading, corruption and money laundering in the mining industry, according to the socio-justice organisation, Transparency International. Home Affairs […]

According to Johns Hopkins University academic Steve Hanke, Zimbabwe ranks as the world’s most miserable nation. Tell that, though, to the US and European shareholders in Zimbabwean gold producer Caledonia Mining, where dividends have increased sixfold in three years. This, after seven years of plugging along with a US$150 million expansion of its reassuringly named […]

Chinese investors racing to secure lithium supplies could help Zimbabwe rise to become the world’s fifth biggest primary producer of the material that’s vital to battery electric vehicles and the green revolution, mining consultancy CRU said. The lithium industry in Africa’s top producer has rapidly expanded, buoyed by about $1 billion of investments during the […]

A local resource campaigner says Zimbabwe has long surpassed the Government’s target to increase mineral revenues to US$12 billion annually from December this year but that most of the revenue is being siphoned by elites. Farai Muguwu, the executive director at the Centre for Natural Resource Governance (CNRG), said the looting of the country’s mineral […]

Kuvimba Mining House (KMH) plans to invest US$250 million into the construction of a beneficiation plant at its lithium mine operation, Sandawana Mines. KMH is 65% owned by the government. It took over Sandawana Mines in 2019 and has so far invested US$56 million. Sandawana Mines general manager Godwin Gambiza told The Standard in an […]