News

A KEY firm in propping up Zimbabwe’s lithium rush yesterday said the multi-million-dollar takeover of Goromonzi-based Arcadia Mine about two years ago boosted its capacity to attract high-end investors as it moves to new claims. Prospect Resources, which is firing up its African ambition by developing Step Aside lithium mine near Arcadia — the asset […]

ZIMBABWE Congress of Trade Unions (ZCTU) has petitioned Labour Minister, Paul Mavima to urgently intervene following a series of labour violations at the Chinese run Manhidze Steel Works project. The US$1,5 billion worth project being implemented by a Chinese firm, Dinson Iron and Steel Company (DISCO) will be Africa’s largest integrated steel plant, and is […]

THE Reserve Bank of Zimbabwe (RBZ) has set the conditions for 50% raw minerals royalties collections after being conferred with the responsibility by the government. The development follows an announcement made by Finance Minister , Mthuli Ncube in his 2023 National Budget ordering mining companies to pay 50% royalties through physical submission. While some sections […]

THE government, which in November last year committed itself to regularising lithium mining activities at Sandawana Mine in Mberengwa, made a dramatic turnaround by duping and abandoning villagers after grabbing their ore without paying for it, it has emerged. Late last year, at least 5 000 artisanal miners and fortune-seekers, including foreigners, descended on the […]

LONDON based mining and resource development company, Vast Resources says it is pursuing 129 400 diamond carats trapped in Zimbabwe amid a lucrative share jump this week. The historic parcel has been in custody of the Reserve Bank of Zimbabwe (RBZ) since 2010. Vast Resources said the release of the historic parcel of 129,400 carats […]

AUSTRALIAN energy firm Invictus Energy Limited (IEL) ended the fourth quarter of last year with a surplus of AUD12,62 million (US$8,95 million) following a period of exploration of the Cabora Bassa Basin, northeast of Zimbabwe. The announcement was made in IEL’s company results for the period under review, which was down nearly 56% from the […]

South Africa has gone from the darling of Davos to being reluctant to show face at the prestigious annual global event of politicians and business leaders that is the World Economic Forum (WEF). When Cyril Ramaphosa attended WEF in Switzerland as President-elect in January 2018, investors flocked to South Africa’s investment prospectus with anticipation of […]

THE Reserve Bank of Zimbabwe (RBZ) says it will begin to implement legislative measures announced through amendments to the Finance Act [Chapter 23:04] and RBZ Act [Chapter 22:15], which provide for the collection of 50% of royalties in kind, or in the form of minerals. In a statement yesterday, central bank governor John Mangudya said […]

India is expected to slash the import duty on gold to undercut smugglers who have been offering hefty discounts as illicit imports boom after covid-19, denting the market share of banks and refiners, government and industry officials told Reuters. A cut in the import duty by the world’s second-biggest consumer could lift retail sales by […]

Zimbabwe’s gold mining sector is targeting to raise production to 40 tonnes this year, up from 35.38 tonnes last year, an official said Tuesday. Last year’s output was a record high, spurred by new mining projects, timely payments, and incentives to miners. Out of the 35.38 tonnes produced last year, small-scale and artisanal miners contributed […]