News

DIVERSIFIED resources group RioZim says it has suffered a 7% gold output decline owing to delays in the completion of the BIOX Plant Project nevertheless, the group managed to record revenue increases. In a recent update, RioZim chairman Saleem- Beebeejaun said completion delays did not impinge revenue flows in the just ended financial year. “Gold […]

THE government has structured a deal that will see the Reserve Bank of Zimbabwe (RBZ) buying excess diamonds as it moves to shut out unscrupulous dealers that have been dribbling authorities. Trading in diamonds has been embroiled in scandals where dubious buyers have been outwitting Zimbabwean authorities, triggering massive leakages. Sources said this week the […]

MINE fatalities have risen 37% in the year to date with 67 people having perished in mine-related accidents as mining firms, facing funding challenges, are bypassing protocols. On the other hand, the lack of economic opportunities in other sectors has also triggered an invasion by artisanal miners of abandoned gold mines where working conditions are […]

OBEY Chimuka’s Fossil Mining has taken over control of Lafarge Cement after successfully buying the 76.45% stake which had been put up for sale by Swiss headquartered Holcim Group. The sale will be concluded by transfer of shares from Holcim’s Associated International Cement Limited to Fossil Mines according to a statement by Lafarge acting Company […]

UK-BASED Galileo Resources PLC (AIM:GLR) said it has identified three priority gold and nickel exploration targets originally generated from an airborne geophysical survey over the Bulawayo gold project in Zimbabwe. The three targets that have been prioritised are at Queens West, Bembeshi Nickel and Bembeshi Gold. Galileo has a 29% interest in Bulawayo, held through […]

Tharisa has extended its US$50 million bond issue for Karo Mining, saying it needed to mop up “strong interest” from potential investors. A regulatory holdup may also be standing in the way. The company issued the bond on VFEX on October 31 to raise part of the US$391 million that it needs to build Zimbabwe’s […]

ZAMBEZI Gas and Coal Mine is pushing for Zimbabwe Power Company to pay 50% of the US$1,3 million owed by the parastatal for coal supplies, as the miner faces operational challenges. Operations director Menard Makota said the delay in payment by ZPC was a setback to the miner, considering that it was paying 100% in […]

Zimbabwe has signed an agreement with Tsingshan Holdings Group, which plans to set up lithium mining and processing operations in the southern African country, President Emmerson Mnangagwa said on Tuesday. Tsingshan, one of the world’s top nickel producers, is currently building a $1 billion stainless steel plant in Zimbabwe. The company also has a coking […]