Blanket Mine has paid a further US$2.5 million dividend to the Gwanda Community Share Ownership Trust, bringing the total value of dividends distributed to the Trust since its establishment in 2012 to more than US$18.9 million, Mining Zimbabwe can report.

By Rudairo Mapuranga

The payment by Blanket Mine (1983) (Private) Limited, a subsidiary of Caledonia Mining Corporation Plc, highlights the financial relationship between the gold producer and its host communities, which participate in the operation’s returns through the Trust’s shareholding arrangement.

The latest distribution adds to more than a decade of payments to the Trust, which operates independently and is responsible for deciding how its funds are allocated in line with its governance structures and development priorities.

The arrangement provides a channel through which part of the economic value generated by Blanket Mine is transferred to a community institution. However, the extent to which those funds translate into lasting development depends on how they are allocated, managed and spent.

Elton Gwatidzo, General Manager of Blanket Mine, said the relationship with surrounding communities remained important to the operation’s long-term success.

“At Blanket Mine, we recognise that long-term success depends on building lasting relationships with the communities around us.”

He said the Trust’s shareholding provided a framework for local communities to participate in the value generated by the mine.

“The Gwanda Community Share Ownership Trust provides a framework through which local communities participate in the value created by our operations. This latest dividend reflects the continued strength of that partnership and our commitment to responsible mining practices.”

The payment comes as Blanket Mine continues to develop its gold-producing operations. The mine reported an 18% quarter-on-quarter increase in gold production in the second quarter of 2026, while its underground mineral resource base stood at 2.178 million ounces, alongside the declaration of a maiden surface resource.

For the mining sector, the dividend arrangement illustrates one way in which host communities can participate directly in the financial returns generated by a mining operation, beyond employment, procurement and corporate social responsibility programmes.

The cumulative dividend figure of more than US$18.9 million provides a measure of the value transferred to the Trust since 2012. Assessing the broader development impact of those payments, however, requires information on the projects funded, expenditure and benefits delivered to communities in the Gwanda District.

Namib Minerals has signed a non-binding term sheet with Ecobank Zimbabwe for a proposed US$30 million loan to advance resource definition and bankability work at Redwing Mine, as the company moves towards restarting the gold asset and assessing its potential for larger-scale development. Mining Zimbabwe can report.

By Ryan Chigoche

The proposed 36-month facility is expected to complete funding for the programme, building on a US$6.5 million loan previously secured from African Banking Corporation of Zimbabwe, trading as BancABC. The Ecobank facility remains subject to definitive agreements and customary conditions.

Namib’s subsidiary, Bulawayo Mining Company, signed the term sheet with Ecobank. The funding would cover hoist-related expenditure, expansion and maintenance of the milling plant, drilling equipment, mine development and further exploration drilling to grow Redwing’s resource base.

The agreement also opens the possibility of Ecobank supporting the mine’s next development stage, with the term sheet envisaging Ecobank and Ecobank Group acting as lead arranger and underwriter for construction financing after completion of a definitive feasibility study. The size and terms of that potential funding have yet to be determined.

Commenting on the proposed facility, Namib Minerals Chief Financial Officer Sphe Mchunu said it would complete the financing package for Redwing’s resource-definition and bankability programme, subject to the feasibility study’s findings and the conclusion of definitive agreements.

“If completed on the proposed terms, this Facility would, subject to the results of the definitive feasibility study and negotiation of definitive documentation, complete the funding package for Redwing’s resource-definition and bankability programme,” Mchunu said.

The company said it would provide further updates on the facility and progress against its development milestones.

The financing comes as Namib advances work at Redwing following the completion of dewatering in September, clearing the way for an initial restart programme. The company is targeting first gold by January 2027, with work expected to include inspections of underground workings, equipment refurbishment and preparation of existing processing facilities.

The initial restart is separate from the larger development now being assessed. While the restart programme is intended to bring the mine back into production, the proposed Ecobank facility would support resource-definition work to establish the technical and financial basis for a more extensive operation, including its potential scale, capital requirements and construction plan.

Namib secured the US$6.5 million BancABC facility in September to partially fund this stage of development. The company expects the combined funding to cover the programme under its current scope and budget, subject to the necessary agreements and conditions.

The results will inform Namib’s investment decision on the larger-scale development, although completing the programme would not in itself guarantee a move to construction.

At its existing How Mine operation, Namib is also advancing an expansion of processing capacity. The company announced on October 8 that commissioning of an expanded milling plant had been completed, with monthly capacity expected to rise from 40,500 tonnes to 55,000 tonnes. Full capacity is targeted for December 2026.

The expansion at How Mine provides a contrast to Redwing, where the company is still working towards establishing the resource base and capital requirements for a larger operation. Any such development will depend on the outcome of resource-definition work, the definitive feasibility study and arrangements for construction financing.

Namib cautioned that there was no assurance the proposed Ecobank loan would be completed or that development milestones would be achieved within the expected timeframes.

The Ministry of Mines and Mining Development will suspend walk-in services at the Deputy Cadastre Registrar’s Office from Monday, 26 October 2026, to accelerate the implementation of the digital Mining Title Management System, Mining Zimbabwe can report.

In a public notice signed by Permanent Secretary Dr Thomas Wushe, the Ministry said the temporary suspension would remain in place until further notice as staff work to modernise mining title administration.

The digital Mining Title Management System is expected to improve the speed, transparency, accuracy and security of mining title administration.

“The temporary measure will enable staff to accelerate the implementation of the digital Mining Title Management System, which will improve the speed, transparency, accuracy and security of mining title administration,” Wushe said in the notice.

The suspension affects mining title holders, applicants, prospectors, legal practitioners and other stakeholders who visit the Deputy Cadastre Registrar’s Office for services.

During the suspension, applications and supporting documents may be submitted through the respective Provincial Mining Director’s offices.

Stakeholders requiring assistance have been directed to contact the Ministry’s official toll-free landline, 08004577, from Monday to Friday between 08:00 and 16:00.

The Ministry also warned the public against individuals claiming to facilitate access to the office for a fee.

“The Ministry has not appointed any agents and does not charge any fee to facilitate access to the Office,” Wushe said.

Members of the public have been urged to report any such solicitation through the toll-free line, the Zimbabwe Anti-Corruption Commission (ZACC) or the police.

The Ministry said a further public notice would be issued to advise stakeholders when walk-in services resume.

The temporary suspension comes as the Ministry advances the digitisation of mining title administration, with the new system expected to streamline processes and strengthen the management of mining records.

Wushe said the Ministry regretted any inconvenience caused and appreciated stakeholders’ cooperation as it modernised mining title administration.

Botha Gold Mine is facing a High Court challenge over a 25-year gold-processing agreement that a minority shareholder alleges has resulted in more than US$3 million being paid out of the company since 2022, raising questions about revenue allocation, corporate control and the management of the mining operation, Mining Zimbabwe can report.

By Rudairo Mapuranga

Tendai Chinyani, a shareholder in Side Electrical (Private) Limited, the company associated with Botha Gold Mine, has filed an application seeking the cancellation of an agreement with Ouro Tanque (Private) Limited, the disclosure of payments made under the arrangement and restrictions on the roles of former managing director Themba Kingsley Hlongwani and board chairman Augustine Manyau.

The application, filed in the High Court in Harare, alleges that the processing agreement was implemented on terms that differed from those originally agreed, while also challenging decisions concerning executive remuneration, financial management and the oversight of the company.

The dispute comes as Side Electrical announced on 21 October 2026 that Hlongwani’s tenure as managing director of Botha Gold Mine had ended with effect from 20 October, adding that operations would continue under established management structures.

Dispute over gold-processing revenue

Chinyani’s application centres on a memorandum of agreement signed in April 2022 between Side Electrical and Ouro Tanque.

According to the founding affidavit, Ouro Tanque was contracted to construct 500 vat-leaching tanks at Botha Mine, with the agreement providing for Side Electrical to receive 30 percent of Ouro Tanque’s profits after processing costs.

Chinyani alleges that the arrangement operated differently, with Ouro Tanque receiving approximately 33 percent of total revenue from each gold-processing run without deductions for expenses.

He claims that more than US$3 million has been extracted from the mine through the arrangement since 2022.

The applicant further alleges that the 25-year contract was entered into without a board resolution or shareholder knowledge and that Hlongwani failed to disclose an interest in Ouro Tanque.

The disagreement over the payment structure is central to the case because it concerns how revenue generated from gold processing is divided between the mine and its processing partner.

The contract’s duration also makes its terms significant to the mine’s long-term operating arrangements, particularly in relation to processing infrastructure, production costs and the allocation of revenue from gold recovered.

The court application seeks cancellation of the agreement and an order preventing its further implementation.

Questions over company oversight

The application also raises questions about the relationships between individuals serving in Botha Mine’s management and Ouro Tanque.

Chinyani refers to Ouro Tanque’s CR6 company registry filing, which records its incorporation on 29 December 2021, approximately three months before the processing agreement was concluded.

The affidavit also identifies an address associated with Lloyd Liver, listed as one of Ouro Tanque’s early directors, which the applicant says is also recorded for Ouro Tanque in the agreement and for Hlongwani in the court papers.

More significantly, the applicant points to Manyau’s appointment as a director of Ouro Tanque on 21 November 2025 while he was serving as chairman of Botha Mine’s board.

Chinyani argues that the overlapping positions raise questions about the independence of the board’s oversight of the processing agreement and whether potential conflicts of interest were properly disclosed.

The application seeks sworn declarations of any interests held by Hlongwani or Manyau in Ouro Tanque, alongside disclosure of payments made under the contract.

These issues place the mine’s contractual arrangements and board oversight at the centre of the shareholder dispute.

Allegations over executive remuneration

Beyond the processing contract, Chinyani alleges that Hlongwani fixed his own monthly salary at US$45,000 without board or shareholder approval.

The affidavit further alleges that Hlongwani continued drawing the salary while the company struggled to meet its liabilities, used company funds to finance his own operations and failed to maintain proper accounting records.

The applicant argues that the alleged conduct breached the company’s statutory obligations, including those relating to accounting records under section 182 of the Companies and Other Business Entities Act.

Chinyani is seeking disclosure of the payments made to Ouro Tanque since April 2022, details of the financing of the vat-leaching infrastructure and information about the financial interests of the individuals named in the application.

The disclosures, if ordered, would allow the parties and the court to examine the financial arrangements behind the disputed processing contract and the basis on which payments were made.

Earlier court order remains disputed

The latest application follows an earlier dispute over the leadership and shareholding of Side Electrical.

On 11 December 2024, Justice Munangati-Manongwa issued an order in Simbarashe Nyenza v Side Electrical (Private) Limited, case number HCH 4802/24. According to Chinyani’s affidavit, the order upheld a shareholders’ resolution abolishing the position of executive chairperson and removing Hlongwani as executive chairman and director.

The order also reportedly addressed the Sendoyi Trust shareholding and the restoration of certain directors and bank signatories.

Chinyani alleges that Hlongwani continued managing the company and representing its interests despite the order.

However, Botha Gold Mine disputed the minority shareholders’ position in a public statement issued in February 2025, accusing them of attempting a hostile takeover using what it described as fraudulent court orders.

The company claimed that the order in HCH 4802/24 and a related order had been overturned by Justice Musithu under case number HCH 5865/24.

Chinyani’s current application maintains that the December 2024 order remains binding. The competing accounts leave the legal effect of the earlier proceedings as a key issue requiring examination of the relevant court records.

The current application seeks relief relating to the alleged conduct of the company’s affairs, the processing agreement and the roles of the individuals named as respondents.

Shareholding dispute behind the case

The application also revisits how control of Side Electrical developed.

According to Chinyani, the company was struggling to attract investment around 2015 when shareholders approached Hlongwani for financial assistance.

The affidavit alleges that subsequent shareholding changes favoured entities associated with him, including Jiwe Gold (Private) Limited and Sendoyi Trust, which together received 1,110 of the company’s 2,000 issued shares, representing 55.5 percent.

The 2024 court order reportedly addressed the Sendoyi Trust shareholding, but the effect of that order remains part of the wider dispute.

The current application focuses on alleged oppressive and unfairly prejudicial conduct in the management of the company rather than seeking a comprehensive determination of the ownership rights of parties not before the court.

The history nevertheless provides context for the disagreement over who exercises control over the business and how decisions concerning its gold-processing operations are made.

Relief sought

Chinyani is asking the High Court to declare that the conduct of Botha Mine’s affairs by Hlongwani, allegedly supported by Manyau, has been oppressive and unfairly prejudicial to minority shareholders.

The draft order seeks cancellation of the Ouro Tanque agreement, an interdict preventing its further implementation and an order requiring Ouro Tanque to cease mining and processing operations at Botha Mine and surrender any ore, carbon and gold in its possession.

It also seeks Manyau’s removal as board chairman and director, restrictions preventing Hlongwani from acting as managing director, chief executive or representative of the company, and disclosure of payments and financial interests connected to the processing arrangement.

The applicant further seeks a provision allowing the requested order to operate despite an appeal.

If granted, the remedies could alter the mine’s processing arrangements and management structure. The practical consequences would depend on the terms of any order issued by the court and the arrangements governing the mine’s operations.

Implications for the mining operation

The dispute highlights the importance of contractual transparency and effective board oversight in gold mining, particularly where processing infrastructure and revenue-sharing arrangements are involved.

For a mine, the allocation of revenue between the operator and a processing partner can have a direct bearing on operating margins, available cash flow and the resources available for production and infrastructure.

The central issue at Botha Gold Mine is whether the processing agreement was approved and implemented in accordance with its terms and the company’s governance requirements.

Chinyani’s application seeks to have those questions examined through the cancellation of the contract, disclosure of financial records and restrictions on the roles of the individuals he accuses of acting against the company’s interests.

With Side Electrical announcing the end of Hlongwani’s tenure as managing director, the dispute now places both the mine’s management arrangements and its long-term processing contract under scrutiny as the High Court considers the relief sought.

The Zimbabwe mining industry has its challenges, but the numbers tell a story that investors cannot afford to ignore. The country generated a record US$8.5 billion in mineral export earnings in 2025, up from US$5.9 billion in 2024, while international mining companies continued committing hundreds of millions of dollars to lithium processing, platinum development and mine expansion.

By Keith Sungiso

The question for investors is no longer simply whether Zimbabwe has mineral wealth. It is whether they can structure commercially viable projects that navigate its operating environment, capture value from its resources and deliver competitive returns.

For companies willing to undertake the necessary due diligence, Zimbabwe is already presenting investment opportunities that extend well beyond its reputation for political and economic risk.

The numbers are making the case

These figures do not mean every mining project in Zimbabwe is profitable. They demonstrate that the sector is commercially active, that mineral exports are generating substantial revenues and that companies continue to commit capital despite the risks.

South African companies are already investing heavily

One of the strongest arguments against the claim that Zimbabwe is an unattractive mining destination is the presence of established South African mining groups. These are companies with experience operating in a competitive regional mining environment, and their Zimbabwean operations demonstrate that cross-border investment is already a reality.

1. Zimplats – Impala Platinum, South Africa

 

Zimplats, a subsidiary of South Africa’s Impala Platinum (Implats), is a major example of long-term cross-border investment. The company has invested more than US$750 million in expansion, beneficiation and energy projects in Zimbabwe, according to Mining Weekly.

The US Geological Survey reported that Zimplats produced 17,627 kilogrammes of platinum group metals in 2024, making it Zimbabwe’s leading PGM producer that year. Its continuing development of the Mupani and Bimha mines illustrates the importance of reinvestment in sustaining production as existing ore reserves are depleted.

2. Mimosa Mining Company – South African-linked PGM investment

Mimosa is another established platinum producer operating in Zimbabwe. It is jointly owned by South Africa’s Impala Platinum (Implats) and Sibanye Stillwater. The company is investing more than US$200 million in its operations.

Its presence demonstrates that Zimbabwe’s PGM sector continues to attract capital for an established mining business, rather than solely speculative exploration. For investors, the relevant considerations include the mine’s remaining resource, production costs, capital requirements and ability to sustain output over time.

3. Tharisa – Karo Platinum

Tharisa’s Karo Platinum project on Zimbabwe’s Great Dyke represents a major new investment in the country’s PGM industry. In its October 2026 production report, Tharisa said US$240 million had been invested in the first phase of the project against estimated capital expenditure of US$516 million.

The company reported that the project was fully funded through a US$300 million senior secured bond, with first ore to the mill targeted for the fourth quarter of 2027. This is evidence of substantial capital commitment, although the project remains under development and should not yet be described as an operating mine.

The significance of these investments is straightforward: established regional companies have allocated capital to Zimbabwean mineral assets, processing capacity and future production. Their decisions do not eliminate country risk, but they challenge the blanket assertion that the country is uninvestable.

Chinese investors are transforming Zimbabwe’s lithium industry

The investment story is not confined to South African platinum producers. Chinese companies have become major participants in Zimbabwe’s lithium sector, acquiring mineral assets, expanding production and investing in processing facilities.

The scale of these commitments is particularly important because lithium connects Zimbabwe’s mineral resources to international battery-material supply chains.

6. Zhejiang Huayou Cobalt – Arcadia Lithium

Huayou acquired the Arcadia lithium project near Harare for US$422 million in 2022. It subsequently invested approximately US$300 million in a lithium concentrate plant and US$400 million in a lithium sulphate processing facility.

The sulphate plant, completed in 2025, was designed for annual capacity exceeding 50,000 tonnes. The investment is significant because it moves processing beyond the production of lithium concentrate towards an intermediate material used in battery-grade chemical manufacturing.

7. Sinomine Resource Group – Bikita Minerals

Sinomine acquired Bikita Minerals for US$180 million in January 2022 and subsequently invested approximately US$300 million in expanding operations and developing a spodumene concentrate plant.

The company also announced plans for a further US$500 million smelter investment. That proposed expenditure should be distinguished from money already invested.

Bikita demonstrates the attraction of Zimbabwe’s lithium and associated mineral resources to a company prepared to expand an established mining asset and pursue downstream processing.

8. Chengxin Lithium Group and Canmax Technologies – Sabi Star

Chengxin and Canmax paid approximately US$77 million for the Sabi Star mine in 2021, followed by about US$130 million in development and concentrator investment.

The concentrator was completed in 2023. This example illustrates how foreign investors can combine acquisition expenditure with subsequent project development to establish mineral production capacity.

9. Yahua Group – Kamativi Mining Company (KMC)

Yahua is involved in the Kamativi lithium project through a joint venture with the Zimbabwean state. In February 2026, it announced plans for a lithium sulphate plant at the mine.

The project adds another example of foreign participation in Zimbabwe’s effort to expand domestic mineral processing. The proposed plant should not be confused with a completed facility or confirmed commercial production.

10. Dinson Iron and Steel Company (DISCO) – Manhize steel project

Dinson Iron and Steel Company (DISCO), a subsidiary of China’s Tsingshan Holding Group, is developing one of Zimbabwe’s largest industrial investments at Manhize, between Mvuma and Chivhu.

The project has a projected investment value of US$1.5 billion. Production began in 2024, with the plant subsequently expanding into steel bars and other products. Phase One has an indicated annual production capacity of approximately 600,000 tonnes of steel, with further expansion planned.

The project is significant because it connects mining with domestic manufacturing. Instead of relying entirely on imported steel products, Zimbabwe can increasingly supply local construction and industrial markets from a plant operating within the country.

In September 2026, Mining Zimbabwe reported that exports across four selected iron and steel product categories reached approximately US$150.3 million in the first seven months of 2026, compared with US$46.3 million during the same period in 2025 — an increase of about 224%. These figures cover selected product categories across Zimbabwe’s trade data and should not be attributed exclusively to DISCO without a company-level breakdown.The company has also outlined plans for an 800-hectare Special Economic Zone at Manhize that could accommodate more than 300 businesses. If realised, this could create more opportunities for steel fabrication, roofing products, pipes, nails and other downstream manufacturers.

11. Mutapa Platinum Group (MPG)

Mutapa Platinum Group has secured a US$100 million financing facility to restart development of the Darwendale platinum project, with funds already being disbursed and civil works under way at the processing plant.

The funding moves one of Zimbabwe’s largest undeveloped PGM projects into construction after years of delays over financing and a change in development strategy.

Darwendale has an estimated resource of about 44 million ounces of PGMs, while Mutapa has put the wider development cost at about US$500 million and previously targeted initial throughput of at least 2 million tonnes a year.

The investment opportunity extends beyond lithium

Although lithium has attracted significant attention, Zimbabwe’s mining investment case is broader.

Gold

Zimbabwe produced a record 46.7 tonnes of gold in 2025, according to figures cited by Fidelity Gold Refinery (FGR). The country is targeting 50 tonnes in 2026, creating potential opportunities in exploration, mine development, processing, equipment and underground mining services.

Chrome

Zimbabwe’s mineral portfolio includes substantial chromium resources. Opportunities can extend beyond extraction to processing, ferrochrome production, energy supply and logistics, although project economics depend on power costs, market prices and operating conditions.

Mining services and infrastructure

Mining operations require reliable electricity, haulage, rail and road transport, pumps, ventilation, drilling equipment, engineering services and mineral-processing technology. These are potential commercial opportunities for suppliers and service providers, not guarantees of contracts or returns.

Why investors should pay attention now

One of the clearest indicators of opportunity is the amount of capital the industry still needs.

At the Chamber of Mines of Zimbabwe’s annual mining conference in June 2026, outgoing president John Musekiwa said the industry required approximately US$10 billion in capital investment over five years to sustain operations and expand output.

That requirement represents a funding challenge, but it also identifies areas where investors, lenders, equipment manufacturers and engineering companies could participate.

The opportunity is not limited to purchasing mining claims. It includes financing mine expansions, developing processing plants, improving energy reliability, supplying equipment, upgrading infrastructure and establishing businesses that support mining operations.

The government’s push towards mineral beneficiation also creates a potential opening for investors with processing technology and access to downstream markets. However, the planned restriction on lithium concentrate exports from January 2027 means companies considering lithium investments must assess the applicable regulations and processing requirements carefully.

The correct approach is neither to dismiss Zimbabwe outright nor to assume every mineral project will succeed. Investors need project-level due diligence, realistic price assumptions, reliable cost estimates, secure legal rights and a clear understanding of how revenue will be earned and repatriated.

Rounding Up: Zimbabwe deserves to be assessed on evidence, not reputation

In a conversation with a South African friend, Sizwe, we agreed that Zimbabwe’s potential is big and evidence is substantial. However, the challenge may be that those who do research may just be doing it behind a desk in a cosy, air-conditioned office in comfortable swivel chairs, getting very limited information.

For those conducting research on Zimbabwe’s mining industry, it is advisable to prioritise local publications with journalists on the ground, as they often provide deeper insights, first-hand information and context that international media outlets may overlook and usually lack direct access to.

Zimbabwe recorded US$8.5 billion in mineral export earnings in 2025. South African-linked companies have invested heavily in platinum operations, while Chinese investors have committed hundreds of millions of dollars to lithium mines and processing facilities. New projects such as Karo Platinum demonstrate that capital continues to enter the sector even as investors navigate considerable risks.

These investments do not prove that Zimbabwe is a low-risk destination, nor do they establish that every investor will make money. They demonstrate something more relevant: Zimbabwe is attracting capital, producing minerals at scale and creating opportunities that merit serious commercial evaluation.

For investors still relying on an outdated perception of Zimbabwe as a country to avoid entirely, the question should be whether that blanket judgment remains defensible in light of the evidence.

The companies already operating and investing in the country suggest that the answer requires a closer look. There are areas that need improvement, like Dispute resolution, government needs to take a tough stance to totally eliminate this problem.

Keith Sungiso is the founder of Timelison Media, the publisher of Mining Zimbabwe.