News

GROSS revenues at the Victoria Falls Stock Exchange-listed Caledonia Mining Corporation fell by 16% to US$29,4 million during the first quarter of this year due to lower production and higher costs at its flagship operation, Blanket Mine. Last year in the same period, income stood at US$35,1 million. “The first quarter of 2023 presented several […]

The Hwange Thermal Power Station Unit 8 is set to be synchronised today Tuesday, 16 May 2023, with tests underway to ensure that the process is undertaken successfully. Unit 8 is expected to add another 300 megawatts to the national grid once fully operational. The planned synchronisation of Unit 8 comes a few months after […]

The opposition Citizens’ Coalition for Change (CCC) has criticised Speaker of the National Assembly Jacob Mudenda for rejecting a proposal by the Public Accounts and the Budget, Finance, and Economic Development committees to investigate allegations raised in the Gold Mafia documentary which was premiered by Al Jazeera recently. In a statement, CCC said Mudenda’s decision […]

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has directed financial institutions to unfreeze all the accounts and other financial assets belonging to individuals who were implicated in alleged smuggling and money laundering by Al Jazeera’s documentary series that was premiered in March and April this year. The central bank said it froze the […]

Chinese-owned lithium producer, Bikita Minerals Sinomine, has temporarily suspended operations over failure to comply with some requirements particularly the regularisation of expatriate staff and skills transfer to locals. The mine will cease works for seven days to comply with Government mining regulations. In a notice to stakeholders, mine manager David Mwanza said that during the […]

THE Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) yesterday made a summersault by reversing its order for banks to freeze accounts of several government officials and individuals who were implicated in gold smuggling gold and money laundering activities exposed by the Al Jazeera documentary. In a statement yesterday, the FIU directed financial institutions […]

UK-listed Kavango Resources says it is in the late stages of discussions over a potential two-year option to acquire a gold exploration and development project in Zimbabwe as well as separate talks for an equity investment. The mining company said the project area in Zimbabwe covers a number of contiguous gold claims over a 3.4-kilometre […]

ZIMBABWE is targeting to generate US$3 billion from Platinum Group Metals (PGMs) this year, an increase of 36% compared to last year, a government official said. PGMs are essential and precious metals, which include platinum, palladium, rhodium, iridium, osmium and ruthenium. They are used in several industrial processes, technologies and commercial applications. Zimbabwe is the […]

STATE-run resources firm Kuvimba Mining House (KMH) has been given a Cabinet approval to sell Ziscosteel’s vast iron ore reserves worth about US$500 million, officials said this week. The government holds 65% shareholding in the firm. KMH has injected US$1 million into the firm under a revitalisation plan entered with government in 2022. Ziscosteel has […]