Country is backing Prospect Resources’ (ASX:PSC) Arcadia lithium project, expected to generate that much revenue over eight years.
Zimbabwe Mining News
President Emmerson Mnangagwa, who took the post in November, has ordered an examination of both industries that may lead to the abolition of the 51% local ownership rule on them.
Major loss for Zimbabwe Consolidated Diamond Company.
International watchdog group Global Witness says political elites and security forces have controlled and secretly exploited Zimbabwe's diamond sector for over a decade.
Deputy Minister of Mines and Mining Development, Fred Moyo, said that his team looked into production and trading circles
The country's Reserve Bank has ordered platinum and chrome miners to surrender 80 percent of their export earnings to the central bank as the country struggles to contain a crippling dollar note shortage.
Completing the $264-million mine will boost the platinum reserves of Zimplats from 3 million to 9 million ounces.
None of the foreign-owned platinum miners operating in the world's number three producer of the precious metal is listed on the Zimbabwe Stock Exchange.
Affected companies are said to be looking for a way out of the situation, which includes legal actions or even international arbitration.
Companies have been told to leave behind equipment and vacate their premises.
Supply for the year, however, is expected to increase by 9% to 7.91 million ounces, owing to the recovery in the country’s output following strikes in 2014, as well as increased platinum recycling.
The country had introduced the levy on raw platinum exports in January, aiming to encourage local processing of the metal.
Negotiations between the parties, still at an early stage, are said to have generated solid interest from both sides.
The company, however, said it remained committed to the diamond industry.
RioZim Ltd., which mines gold, diamonds and coal in Zimbabwe, wants to work with state-owned power utilities in South Africa and Namibia to build a 1,400-megawatt electricity plant near its Sengwa coal fields.
The measure aims to stimulate production and attract investment in the sector, amid low international prices for the coveted gems.
Zimbabwe’s diamond industry will soon be controlled by one firm as the country’s major diamond mining companies have agreed to merge.
Zimbabwe National Army has won a bitter struggle with the Ministry of Mines and Mining Development for the control of a lucrative $4.8-billion platinum mine.
African Consolidated Resources (ACR) will commmission its first gold mine in Zimbabwe in the second half of next year as the company steps up efforts to consolidate its presence in the country's gold sector.
The investment will allow for a fourth pipe to be developed at the site, with production expected to start by 2018.
As part of a set of planned measures to stimulate production and attract investment in the sector.
The United States is wagging its finger at Zimbabwe, threatening to ratchet up sanctions over a plan to develop a platinum mine involving Russian and Zimbabwean companies.
In the 30 years Rio Tinto's Argyle Pink Diamonds have been tendering the rare gems, only 13 red diamonds have been brought in.
The government wants to consolidate the diamond mining companies currently operating in Marange from six down to two or possibly one.
The world's largest diamond miner by market value said it will adopt a more flexible sales approach.