News

COAL miner Hwange Colliery Company (HCCL) lost $8,6 billion for the year ended December 31, 2022 due to exchange rate volatilities which affected the business’ historical obligations. According to the corporation, which is still under administration, legacy debts were responsible for $30,70 billion in unrealised losses in inflation-adjusted dollars as of the end of the […]

AUSTRALIAN firm, Invictus Energy has confirmed the presence of “light oil, gas-condensate and helium” from its drilling samples at its Mukuyu-1 rig site in Muzarabani. Analysts, however, were quick to demand accountability and openness from government for Zimbabwe to benefit from one of its many natural resources. The results, according to Invictus managing director Scott […]

RIOZIM Limited’s gold production dropped 17% to 929 kilogrammes in the financial year 2022 compared to the previous year due to the Dalny Mine being put on care and maintenance. In a statement accompanying the group’s financial results for the year ended December 31, 2022, RioZim chairperson Saleem Beebeejaun said the group’s focus on optimising […]

LISTED mining group RioZim has commended authorities for the upward review of US$ retention thresholds for the mining sector amid calls for improved power supplies to enable industry to maximise production potential. In a Monetary Policy Statement (MPS) presented by the Reserve Bank of Zimbabwe (RBZ) early this year, the mining sector was allowed to […]

Invictus Energy, the company exploring for gas in Zimbabwe, says mud gas analysis confirms the presence of gas deposits, providing encouragement for the company ahead of the drilling of a second exploration well in the third quarter of this year. Ground conditions forced Invictus to abandon operations at its first drilling site, Mukuyu-1, late last […]

The serenity of Zimbabwe’s world-famous Mana Pools could be disturbed by mining rigs if government okays an application by a little-known company to prospect for oil and gas in the area. According to a government notice, Shalom Mining Corporation has applied to prospect in an area covering 130 000 hectares, which includes parts of Mana […]

ZIMBABWE should refrain from awarding all of its mining rights to investors from one country, a resource campaign organisation has warned. The Zimbabwe Environmental Law Association (Zela) said this week the most viable strategy would be to spread lithium licences to investors from other countries. Zela said at the heart of the lithium rush in […]

Gold miner Caledonia Mining started the direct sale of gold produced from its Blanket mine, in Zimbabwe, to a refiner outside of the country. Since listing on the Victoria Falls Stock Exchange and following completion of the Bilboes acquisition, Caledonia has been considering various options to achieve the direct export of its gold. Unrefined gold […]

CIVIL Aviation Authority of Zimbabwe (CAAZ) head of security Cleopas Chidodo yesterday apologised to former First Lady Grace Mugabe after he told Al Jazeera journalists that she smuggled diamonds and ivory out of the country. Chidodo name-dropped Grace to undercover Al Jazeera journalists doing a documentary on gold smuggling and money laundering. In his apology, […]

LITHIUM miner Prospect Resources remains well-funded ahead of its future exploration and drilling activities, with strong cash reserves of about A$28,5 million (US$18,86 million), according to managing director Sam Hosack. Prospect commenced its initial reverse circulation (RC) and diamond drilling programme at Step Aside in early July 2022. The objective of this programme was to […]