News

Oil and gas explorer Invictus Energy (IVZ) has bolstered the potential prospective resource of its Cabora Bassa project in Zimbabwe to over 5.5 billion barrels of oil equivalent (boe). The company today said an independent technical report from ERCE estimated a prospective resource of 1.2 billion boe for five “drill-ready” prospects in the project area: […]

The Zimbabwe Energy Regulatory Authority (ZERA) is encouraging people to harness liquefied petroleum gas as alternative energy sources. The call by ZERA comes at a time when the country is dogged by erratic power supplies and experiencing rolling blackouts caused by load shedding. Speaking at a recent energy workshop in Kwekwe, ZERA alternative energy expert […]

THREE armed robbery suspects believed to be part of the gang that robbed 11,9kg of gold at How Mine, near Bulawayo, have been arrested. According to police, one of the suspects was fished out of a South African bound private car attempting to flee, while the other two had earlier been nabbed hours after the […]

Zimbabwean miners could pay half of their royalties in minerals as part of a plan by Government to build up mineral reserves. Currently, platinum miners pay 2.5% in royalties. They start paying 5% in January. Gold royalties are at 5%, which is what miners pay when the gold price is above US$1,200 an ounce. They […]

VICTORIA Falls Stock Exchange-listed resources firm, Caledonia Mining Corporation yesterday said it has plans to restart an oxides operation at Bilboes Gold near Bulawayo. Caledonia recently took over Bilboes Gold in a multimillion-dollar deal. In a market update, Caledonia said the plan was to create a cash-generating operation within a period of six months. Under […]

CURRENT liabilities at the listed multi-asset resource outfit, RioZim, barrelled over current assets by $13 billion during the half-year to June 30, 2022, financial statements showed, as terrified authorities feared the firm could collapse. Firms sitting on higher current liabilities than assets sweat over working capital – the liquidity that managers require to fund day-to-day […]

MYSTERY has shrouded the proposed development of Ngezi-based US$250 million platinum project after the much-touted investment has failed to take off four years since the entity was allocated vast claims straddling on 23 000 hectares along the resource rich Great Dyke, the Zimbabwe Independent can reveal. Secrecy shrouding factors militating against the multi-million-dollar project, coupled […]

THE sight of an oil rig jutting out of the largely hostile Zambezi Valley is undoubtedly enthralling for Zimbabwe, a nation that has been on a rough patch for more than two decades. We hear that Australia Stock Exchange-listed energy explorer, Invictus Energy, has started drilling the first of two test wells at its Cabora […]

THE Reserve Bank of Zimbabwe (RBZ) has made an unverifiable claim that the uptake of gold coins has so far reached ZW$9 billion mark, with corporates dominating the list of buyers. The development, RBZ says, demonstrated confidence in the investment instrument. The gold coins were introduced as a measure to provide the market with an […]