News

TREASURY will next year proceed to dissolve the boards of the subsidiaries of state-run power utility, Zesa Holdings Limited to pave way for a single board of directors, Finance and Economic Development minister Mthuli Ncube said Thursday. There had been concerns that the boards of ZESA’s three units – Zimbabwe Electricity Transmission and Distribution Company […]

Prospect Resources walked away with a good deal when it sold Arcadia Mine to one of the world’s biggest battery metals companies, Huayou Cobalt. Now, the exploration company is looking to do it again. For exploration companies, the game is to take a risk on a project and invest in determining a resource, hoping a […]

UNIONS representing mine workers have shot down pay rates agreed at the National Employment Council (NEC) by the Chamber of Mines of Zimbabwe and the Associated Mine Workers Union of Zimbabwe (AMWUZ). A circular to mines dated November 22 by the National Employment Council of Zimbabwe states that the Chamber of Mines of Zimbabwe and […]

FINANCE Minister, Mthuli Ncube has ordered mining companies to pay 50% royalties through physical submission of the commodities in a move envisaged to strengthen exchange rate stability. Delivering the 2023 National Budget, Ncube said measures were enshrined under the Statutory Instrument 189/2022. “In order to boost national reserves and hence strengthen the economy’s resilience against […]

ZIMBABWE is on the verge of shattering a 30-year annual gold deliveries record of 35,1 tonnes set in 2018 after cumulative deliveries of 29,5 tonnes were recorded in the 10 months to October 2022. Gold deliveries to the country’s sole buyer, Fidelity Printers and Refiners (FPR), slid to a record low in 2008 after high […]

A Bulawayo gold dealer Monday lost US$350,000 to two armed robbers who also took away his CCTV server and a gate remote. Zimbabwe Republic Police (ZRP) spokesperson Paul Nyathi confirmed the incident. “The ZRP is appealing for information which may assist in the investigations of a case of armed robbery which occurred on 22/11/22 at […]

INDEPENDENT oil and gas exploration company Invictus Energy has successfully deepened its Mukuyu-1 test well in Muzarabani to 3 923 metres, according to a statement released on Thursday. It said it had encountered “additional elevated gas shows and fluorescence”. The asset portfolio lies in the highly prospective 360 000 hectares Cabora Bassa basin in Zimbabwe’s […]

MINING house RioZim Limited (RioZim) says power supply challenges remain a key risk to the sustainability of its operations. Despite the company putting in place diesel generators to lessen production stoppages, in its trading update for the third quarter (Q3) 2022, the group said it remained reliant on the power utility Zesa for consistent power […]

THE Chamber of Mines of Zimbabwe says it is engaging authorities to come up with mechanisms that can accommodate the foreign currency requirements for the sector as shortages are weighing down the sector’s potential driven by ongoing expansion projects. The sector is cash intensive, driven by high power costs while government raised royalties for Platinum […]