News

Upstream oil and gas company Invictus Energy will raise A$10-million in a private placement to sophisticated and institutional investors to fund preparations for the Mukuyu 2 appraisal well programme, and Phase 2 exploration programme, in Zimbabwe. The company has received firm commitments for the placement of 83.33-million new shares, at a price of 12c each, […]

INTERNATIONAL watchdogs have developed interest in reports that some of the region’s strongest gold mafia are ruling the dark economy from Zimbabwe, triggering fears that the country’s tug as a pariah State might not end for a long period to come. This week’s developments followed a swell of anger and outrage in Zimbabwe after the […]

In Part 3 of the Gold Mafia Al Jazeera documentary titled “El Dorado”, undercover reporters visit tour Dubai where they uncover how gold from Zimbabwe is used to launder vast sums of money by one of Africa’s self-confessed money launderers, Kamlesh Pattni. According to Al Jazeera, Pattni exports gold from Zimbabwe through his company Suzan […]

The government of Zimbabwe says it will launch investigations into several people involved in gold smuggling and money laundering following the release of an undercover Al Jazeera investigation showing high-ranking officials involved in the illicit gold trade. Gold Mafia, a four-part series by the Al Jazeera Investigative Unit (I-Unit), shows among others one of Zimbabwe’s […]

Trojan Nickel Mine requires US$60 million over the next five years for the ongoing mine development programme that has seen operations being resuscitated. Trojan Nickel Mine is a subsidiary of Victoria Falls Stock Exchange-listed Bindura Nickel Corporation (BNC). BNC managing director Engineer Thomas Lusiyano said since the acquisition of BNC acquisition by Kuvimba Mining House […]

AUTHORITIES at Zimbabwe’s biggest lithium miner say they are worried over plummeting prices as they make final touches to a US$275 million processing plant, with exports expected to begin next month. Trevor Bernard, deputy general manager at Prospect Lithium Zimbabwe (PLZ), said this week the 4,5 million tonne capacity processing facility will peak to 500 […]

ENERGY minister Zhemu Soda yesterday said they don’t expect load shedding to ease anytime soon despite an increase in generation capacity at the coal-fired Hwange Power Station. Soda told journalists during a post-Cabinet briefing that this was because the upgraded Unit 7 at Hwange was still undergoing various tests. “There has been an improvement in […]

GOVERNMENT yesterday said it has launched own investigations into the corruption allegations raised in the four-part Al Jazeera documentary, Gold Mafia: The Laundry Service, which exposes illicit financial flows and rampant smuggling of gold out of Zimbabwe by the elite, but analysts rapped the State for taking long to react after the exposé was broadcast. […]

VERIFY Engineering, a government-owned entity, has developed technology to produce top dressing fertiliser from coal, an innovation that will significantly help to satisfy the country’s fertiliser demand. Verify Engineering board chairperson, Edgar Kamusoko told NewsDay Farming that they were now awaiting government funding to kickstart the project. “We have actually developed the technology to produce […]

WORKERS in the mining sector have said the recently announced new pay structure is too low and does not meet their living standards. Speaking to this publication, Zimbabwe Diamond and Allied and Mineral Workers Union (ZDAMWU) secretary general Justice Chinhema said living expenses in mining districts are very high and as such the new pay […]