News

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 […]

London-listed Contango Holdings says it plans to start exporting thermal coal early next year from its Zimbabwe mine following requests from customers in Europe and Asia. Zimbabwe’s neighbour South Africa saw an eight-fold increase in coal exports to Europe during the first half of 2022, after the European Union banned coal imports from Russia as […]

REVENUE at Johannesburg Stock Exchange listed pan African cement maker, PPC’s Zimbabwean operation fell by 31% to R855 million (US$49,29 million) in the six months ended September 30, 2022 following key maintenance schedules at its kiln plant, the firm said this week. The revenue stood at R1,24 billion (US$71,43 million) during the same period in […]

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 […]