Companies

Companies

RioZim buys Namibia’s Sperrgebiet Diamond Mine

By Bloomberg News RioZim has bought Sperrgebiet Diamond Mine in Namibia as the Zimbabwean group seeks to expand in Africa. “The group has been trying to broaden its footprint in the mining industry in Africa and this acquisition was part of the strategy,” Tawanda Andrew Chiurayi, RioZim’s group company secretary, said. “We also want to

Invictus Energy bolsters Zimbabwe prospective oil resource to 5.5bln barrels

By The Market Herald 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

Nigeria regulator seeks $70M penalty in lawsuit against owner of Facebook and WhatsApp

By Associated Press ABUJA: A Nigerian advertising regulator has sued Meta, accusing the owner of Facebook and WhatsApp of publishing unauthorized ads and seeking a 30 billion naira ($70 million) fine. The lawsuit filed in a local court by the Advertising Regulatory Council of Nigeria, or ARCON, is the regulator’s latest action that analysts say

Musk proposes going ahead with deal to buy Twitter

By Associated Press Trading in shares of Twitter was halted after the stock spiked on reports that Elon Musk would proceed with his $44 billion deal to buy the company after months of legal battles. For a second time, Musk offered to buy the San Francisco company at $54.20. Twitter’s stock jumped nearly 13% to $47.93 before trading stopped on

Caledonia on track to hit 80,000 ounces’ production target at Zim gold mine

By Alois Vinga CALEDONIA Mining Corporation Plc says it is still on track to achieve a production output of 80,000 ounces by year-end at the same time announcing a lucrative dividend announcement. The miner, which operates the Gwanda-based Blanket gold mine, is one of the country’s success stories which has managed to remain vigilant in

Russia’s Alrosa discovers 22 new diamond deposits in Zim – Mnangagwa

By Bloomberg News Russian miner Alrosa PSJC has discovered 22 new diamond deposits in Zimbabwe, according to the southern African nation’s president, Emmerson Mnangagwa. Alrosa will only be allowed to work on two of the diamond deposits, while the rest will be made available to other investors, Zimbabwe’s Information Ministry said, citing comments by Mnangagwa in New

Invictus’ Zimbabwe oil and gas exploration projects take off 

By Reason Razao INVICTUS Energy says it has commenced its maiden Cabora Bassa oil and gas exploration in the country with the first well expected to produce about 4,3 billion barrels of oil. The project is the first oil mining expedition in Zimbabwe. Invictus is an independent upstream oil and gas company headquartered and listed

FML assets separation forensic audit reaches a crescendo

By Alois Vinga HARARE: A forensic audit into the questionable asset separation by First Mutual Life (FML) has reached a crescendo, with the government moving swiftly to appoint investigators into the matter. FML allegedly defied the law on separation of insurance and pension businesses. The firm is alleged to have submitted an unsatisfactory report during

Two Zimbabweans among four winners of 2022 Mandela social impact awards

By Staff Reporter & Agencies THE Mandela Rhodes Foundation (MRF) has announced four of its award winners for its social impact award the Äänit Prize. The four winners – all of them young leaders – are focused on society’s most marginalised and drawn from three countries – South Africa, Lesotho and Zimbabwe. Each will receive

The richest casino owners in the world

By Own Correspondent One thing that everyone associates casinos with is money. And while many will head to gaming venues in the hope of winning some cash, it’s worth noting that these places are big businesses that make a lot of profit. So, with that in mind, we’ve checked out just how wealthy some casino

Zimasco scales down operations as Russia-Ukraine war hits global chrome demand

By Staff Reporter The ongoing Russia-Ukraine war has negatively impacted global ferrochrome demand, forcing lead local producer Zimasco to temporarily scaling down on operations. Company spokesperson, Clara Sadomba said the war had impacted on the global commodities market. “In response to the significant global uncertainty fuelled, in large part by the ongoing Russian-Ukrainian war and

BAT export volumes up by 74%

By Alois Vinga LISTED cigarette manufacturer, British American Tobacco (BAT) has recorded a 74% jump in exports of cut rag tobacco on the back of increased demand abroad. Presenting the group’s performance for the half year period ended June 30 2022, BAT chairman, Lovemore Manatsa said despite economic headwinds, the segment fared very well. “Export

Chinese firm says its US$400m Zim lithium mine to start exports next year

By Xinhua China’s Zhejiang Huayou Cobalt’s Arcadia lithium mine will start delivering lithium-containing minerals spodumene and petalite next year, according to the local manager of the company. Huayou, one of the world’s major producers of cobalt, last year completed a 422-million-U.S.-dollar purchase of the hard-rock lithium mine from Australia-listed Prospect Resources. The Arcadia project, which

Zimplats dismisses Biti’s ‘under declarations, slow beneficiation’ claims

By Alois Vinga PLATINUM miner ZIMPLATS has dismissed former Finance minister, Tendai Biti’s allegations that they were reluctant to build a refinery in a development which exposes the government to minerals under declarations and revenue losses. Speaking in parliament recently the Citizens Coalition for Change (CCC) Harare East legislator raised concerns on the proposal by the treasury

Invictus Energy expects to drill first Zimbabwe exploration well in coming weeks

By Reuters HARARE: Australian-listed Invictus Energy expects to start drilling its first exploration well for oil and gas in the northern part of Zimbabwe in the coming weeks, an official with the company’s Zimbabwean subsidiary said on Friday. The first well, Mukuyu-1, situated in the Muzarabani-Mbire area, will be 3.5 kilometres (km) deep at a

Cottco unveils rebranding strategy, targets 1 500 kgs per hectare

By Alois Vinga THE Cotton Company of Zimbabwe (COTTCO) transformation exercise has seen the tabling of plans to achieve 1,500 kgs of cotton output per hectare, improvement of farmer payment modalities among a raft of new ways of doing business at the state enterprise. The developments come against efforts by the parastatal’s board to rebrand following years

Murowa Diamonds moves in to douse worker unrest at sub contractor’s mine over five month failure to pay wages

By Staff Reporter MUROWA Diamonds has moved in to douse flames raging at one of its sub-contractors, Capafare Investments, following a salary protest by workers who had gone five months without receiving wages. The protest resulted in at least 43 Capafare Investments employees getting fired. Murowa Diamonds said it will pay its outstanding invoices to ensure production

Invictus expands Cabora Bassa exploration licence footprint

By Reason Razao INVICTUS Energy has expanded its exploration footprint in the Cabora Bassa basin following a successful assignment agreement with the Sovereign Wealth Fund of Zimbabwe (SWFZ). Invictus is an independent upstream oil and gas company headquartered and listed on the Australian Securities Exchange with offices in Harare. The group is opening one of

Stanbic Bank facilitates import of US$400 000 goods through Africa-China facility

By Reason Razao  STANBIC Bank says it has facilitated payment of close to half a million United States dollars worth of imported products for Zimbabweans through its African-China Trade Solutions (ACTS) facility. Orders worth US$400 000 have been made with the first batch of orders expected to arrive monthend while others are under discussion. Stanbic Bank head of trade and Africa-China banking