News

RESOURCES giant Tharisa Plc on Friday revealed plans to raise US$50 million by way of private placement to fund its US$391 million mining project in the country. Tharisa controls Karo Mining House (KMH), a firm which is developing a Tier 1 platinum group metals (PGMs) mining operation in Zimbabwe. The project area was acquired by […]

AUSTRALIA Stock Exchange-listed resources giant Zimplats has spent about US$372,8 million in various projects in the country, with the Mupani and Bimha mines development chewing the largest chunk. According to the company’s quarterly activities report for the period to September 30, 2022, the projects were at different stages of implementation. The mining giant said the […]

Zimbabwe-focused Australian energy firm, Invictus has revealed it is now completely self-funded after it raised AUD48,7 million (nearly US$32 million) in capital funding in the year ended June, which has gone into ongoing drilling activities in its Cabora Bassa project. Following years of failing to secure funding to start the Cabora Bassa project in northern […]

UK’s Contango Holdings, which is developing the Lubu coal project in Hwange, is raising US$8.6 million via a share placement on the London Stock Exchange to speed up mine development, eager to take advantage of rising coal prices. The company wants to ride on strong coal demand to develop its resource at Lubu, estimated to […]

THE Chamber of Mines of Zimbabwe (CoMZ) this week said a 24% hike in power tariffs was unsustainable. In an interview, CoMZ president, Colin Chibafa said high power costs curtail the industry’s viability. The Zimbabwe Electricity Regulatory Authority (Zera) last week approved an average tariff of USc12,21 per kilowatt-hour (kWh) for exporting customers. In addition, […]

A fight between Canadian and Chinese investors to control a lithium project in Zimbabwe, potentially holding lithium worth US$1.4 billion, shows the need for clearer mine claims regulation in a tightening race for the prized metal. In 2018, Canada’s CAT Strategic Metals Corporation bought an 18.9% stake in Zimbabwe Lithium Company, a Mauritius-registered company which […]

AUSTRALIAN energy firm Invictus Energy Limited (IEL) says it has found some potential hydrocarbons — the principal constituents of petroleum and natural gas — several hundred metres into drilling its Mukuyu-1 well. Invictus has made significant progress at the Cabora Bassa project, located in northern Zimbabwe near the Mozambican border since it started drilling several […]

A SOUTH AFRICAN man with three names, Peter Coetzee, Van Tinder Vikus, and Johannes Jacobus Cornelius Naude yesterday appeared at the Harare Magistrates Court facing charges of duping local gold dealers of US$154 000. Naude (54) of Pretoria, who was represented by lawyer Lucky Mauwa, was arraigned before magistrate Taurai Manuwere who remanded him in […]

Industry and Commerce minister Sekai Nzenza has broken silence on reports that she branded the current ZiscoSteel board as a failure in its quest to secure investment for the parastatal for the past six years. This follows reports that Nzenza expressed dissatisfaction with the performance of the ZiscoSteel board of directors. ZiscoSteel halted operations more […]