News

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 […]

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 […]