News

Former finance minister Tendai Biti has called for a raft of measures including stripping the central bank’s Fidelity Printers and Refiners (FPR) of its sole right to buy gold as part of efforts to curb minerals smuggling Speaking in parliament, Biti also called for the immediate amendment of the Gold Act to allow various financial […]

GREAT Dyke Investments (GDI), which is developing a platinum mining project in Darwendale, says it has pumped close to US$100 million into the mega project as it prepares to kick-start operations. State-owned Kuvimba Mining House (KMH) assumed full control of the mine after Russian firm Afromet, a joint venture partner in the project, withdrew as […]

The parliament of Zimbabwe on Thursday urged the government to strictly monitor the gold industry, which is a pillar of the country’s economy. The parliamentary portfolio committee on defence, home affairs and security services released a report on the security of the country’s gold production and sales, after the parliament carried out a comprehensive enquiry […]

BIKITA Minerals, a lithium miner owned by Chinese firm Sinomine Resource Group, this week projected that exports will generate US$500 million this year. Sinomine acquired Bikita Minerals, which was previously controlled by African Minerals Ltd for US$180 million in January last year. Bikita Minerals manager David Mwanza told delegates at the Chamber of Mines conference […]

The Zimbabwe Electricity Transmission and Distribution Company (ZETDC), a subsidiary of ZESA Holdings,  increased electricity tariffs with effect from 6 June 2023. In a notice,  ZETDC said consumers will get the following on their first purchase (domestic tariff): 50 Units / kWh – $3 755.00 100 Units / kWh – $11 280.00 150 Units / kWh […]

Stanbic Bank has called on mining stakeholders to work together to unlock the full potential of the sector and its value chain. The Standard Bank Group Subsidiary’s Chief Executive (CE), Solomon Nyanhongo said the mining sector has the potential to drive sustainable growth and development across Africa and beyond especially if key stakeholders all work […]

AUSTRALIAN firm Invictus Energy (Invictus) has raised a combined A$35,4 million (about US$23,57 million) to fund the next phase of its Cabora Bassa exploration and appraisal programme, a company official said. The company — which aims to pipe Zimbabwe’s first oil barrels — has been on the market seeking funds as it gets ready to […]

HWANGE Colliery Company Limited’s (HCCL) coal output increased by 93% in the year’s first quarter on the back of a roadmap to grow the miner’s market share. Presenting a trading update for year’s first quarter of the year, HCCL company secretary Crispen Ncube revealed that output increased significantly. “Total coal mined for the year-to-date increased […]

A shortage of Liquified Petroleum Gas (LPG) looms in the country after the Zimbabwe Energy Regulatory Authority (ZERA) ordered wholesale players to have their own branded 48kgs gas cylinders by 31 July 2023 or have their licences cancelled. ZERA said LPG wholesalers will not be allowed to use cylinders not traceable to licensed brands after […]

RESEARCHERS at Inter Horizon Securities have projected that revenue at the Victoria Falls Stock Exchange-listed crocodile breeder Padenga Holdings Limited (Padenga) will increase by 30,4% to US$166,81 million during the financial year 2023. In the prior period, revenue stood at US$127,9 million, an increase of 68% from the previous year. “We project revenue for FY23 […]