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Delays in Mining Cadastre Undermine Zimbabwe’s Push for Responsible Mining, Experts Warn

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Delays in Mining Cadastre Undermine Zimbabwe’s Push for Responsible Mining, Experts Warn

Zimbabwe’s slow progress in implementing its long-awaited mining cadastre system is undermining national efforts to modernise the sector, curb corruption, and align with global responsible mining standards, a leading mineral economist has warned.

By Ryan Chigoche

Zimbabwe is widely recognised for its abundant deposits of critical minerals such as lithium, gold, platinum group metals, chrome, and rare earth elements. These resources place the country in a strategic position to benefit from the surging global demand driven by the transition to green energy technologies, electric vehicles, and advanced electronics. As countries around the world intensify efforts to secure sustainable and ethically sourced mineral supplies, Zimbabwe has a unique opportunity to become a major player in the global critical minerals market.

However, to fully capitalise on these resources, Zimbabwe must overcome longstanding challenges related to governance, title security, and sector transparency. The mining industry’s growth and the government’s ambitions for beneficiation and value addition hinge on clear, reliable, and accessible information about mining claims and licenses. Without this, investors face significant risks of overlapping claims, protracted disputes, and regulatory uncertainty—factors that have historically hampered investment and stalled projects.

Mineral Economist Layman Mlambo says improving title management is essential to reforming the sector, which remains mired in disputes, overlaps, and governance weaknesses.

“Effective mining title management is key in this, because it ensures security of titles, which has been a problem due to overlapping or coincident mining sites, resulting in many court cases and loss of money and time,” Mlambo said. “A computerised cadastre initiative, or even a better technology product, needs to be implemented to ensure these information gaps and inconsistencies are eliminated. That effectively eliminates corruption and rent-seeking behaviours.”

Although Zimbabwe has not yet rolled out its mining cadastre system, it has been repeatedly identified by policymakers and industry stakeholders as a critical tool for reform. Designed as an e-Government platform, the system is expected to modernise the management of mining titles by improving transparency, reducing disputes, and streamlining stakeholder engagement.

However, delays have raised red flags. Initially scheduled for a 2024 launch, the system has been postponed to early 2025, with Manicaland Province earmarked as the pilot region. Authorities cite incomplete data verification and limited ICT infrastructure as causes for the delay, despite a US$5.5 million government investment in the system back in 2022.

Once operational, the cadastre will provide accurate, real-time information on mining claims and licenses. Its dual functionality—supporting both manual and electronic entries—is expected to curb corruption, limit discretionary decision-making, and support evidence-based oversight of the sector.

Crucially, the system is seen as the foundation for aligning Zimbabwe with international responsible mining standards such as the Initiative for Responsible Mining Assurance (IRMA) and the OECD Due Diligence Guidelines. IRMA, in particular, promotes stakeholder engagement, traceability, and sustainability across the entire mining lifecycle.

“We talk a lot about international standards, but very little has been done to actually implement or domesticate them,” Mlambo noted.
“This is a missed opportunity for Zimbabwe to position itself as a supplier of ethically sourced minerals in global value chains.”

As demand for critical minerals like lithium and rare earth elements accelerates globally, Zimbabwe has an opportunity to attract responsible investment and extract greater long-term value through beneficiation and sustainable practices. But without a functioning cadastre, these ambitions risk remaining theoretical.

Beyond regulatory compliance, the cadastre system is also vital to tracking environmental safeguards, ensuring community participation, and facilitating the monitoring of ESG metrics. Without it, governance remains fragmented and opaque—conditions that deter serious investors.

Mlambo and other analysts argue that modernizing mining governance is not just a bureaucratic exercise, but a strategic imperative for Zimbabwe to capitalize on the green energy transition.

“As global demand for responsibly sourced minerals continues to rise, Zimbabwe’s ability to reform its governance structures and embrace transparency could prove decisive in its quest for sustainable economic transformation,” Mlambo said.

For Zimbabwe to deliver on its aspirations for beneficiation, value addition, and inclusive growth, experts agree that prioritising the cadastre rollout must move from policy talk to implementation.

Caledonia Raises More Capital on VFEX Than NYSE

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Caledonia Raises More Capital on VFEX Than NYSE

In a striking development that speaks volumes about Zimbabwe’s evolving financial landscape, Caledonia Mining Corporation Plc has revealed that it has raised more equity capital on the Victoria Falls Stock Exchange (VFEX) than on the prestigious New York Stock Exchange (NYSE), Mining Zimbabwe can report.

By Rudairo Mapuranga

The admission, made by Caledonia CEO Mark Learmonth, comes at a time when Zimbabwe’s mining sector is seeing renewed momentum in local capital markets, led by an increasing appetite for resource-backed investments on the VFEX.

Learmonth’s statement highlights a significant shift in capital-raising dynamics for mining companies operating in Zimbabwe.

“In fact, we’ve raised more equity on the VFEX than on the NYSE,” said the CEO. “Zimbabwe’s gold industry has been starved of capital for many decades… many of Zimbabwe’s gold mines are struggling to survive due to a lack of historic investment.”

For decades, Zimbabwe’s gold sector has grappled with underinvestment, policy volatility, and a lack of modernisation. Despite boasting some of the richest untapped gold deposits on the continent, the sector has largely relied on aged infrastructure and limited access to international financing. However, with the establishment and operationalisation of the VFEX—a United States dollar-denominated exchange located in the resort city of Victoria Falls—a new wave of financing has become available, presenting a more accessible, localised option for mining companies.

Caledonia’s listing on the VFEX in late 2021 was met with considerable interest. It was among the first mining companies to make the bold move, shifting its secondary listing from the AIM in London to the VFEX, in a bid to tap into local investors and raise US dollar-denominated capital within Zimbabwe. The results, according to Learmonth, have been more than satisfactory.

“International gold investors recognise that Zimbabwe has massive potential for world-class gold projects,” Learmonth said. “But many of those same investors are hesitant to commit funds unless they are confident of receiving dollar-denominated returns. That’s what makes the VFEX so important—it provides that structure.”

Caledonia’s success on the VFEX sends a strong message: Zimbabwe, once considered too risky for serious capital injection in the mining sector, is rebranding itself as a viable and increasingly attractive jurisdiction, provided the right incentives and market mechanisms are in place. The VFEX, backed by the Reserve Bank of Zimbabwe and designed to attract foreign capital, offers several key advantages: capital gains tax exemptions, the ability to repatriate profits, and trading in hard currency.

In his comments, Learmonth noted that other African jurisdictions, once considered the go-to destinations for mining investment, are now being viewed more cautiously due to rising geopolitical risks and regulatory unpredictability.

“It is also helpful,” he said, “that many other African jurisdictions that were previously favoured by investors are now regarded as being unattractive. Zimbabwe could turn this situation to its advantage with a few policy initiatives—the most important of which is the liberalisation of the foreign exchange market.”

This call for FX reform echoes sentiments shared by many mining executives and investors. Zimbabwe has made strides in easing capital controls, but concerns over forex retention thresholds and the interbank market’s lack of depth remain. Learmonth’s remarks make it clear: Zimbabwe’s gold assets are world-class, but the country must compete globally for investment dollars, and doing so requires clarity, predictability, and reform.

“If Zimbabwe can provide the right policy environment, it has every opportunity to emerge as a preferred mining jurisdiction,” he said, noting that international capital will flow to where risk is well-managed and returns are clear.

Karo Platinum: Another VFEX Success Story

Caledonia is not the only company making waves on the VFEX. Karo Platinum, a subsidiary of Tharisa Plc, is also using the platform to raise capital for its flagship platinum group metals (PGM) project in Mhondoro-Ngezi. In 2022, Karo successfully raised US$36.8 million through its first bond listing on the VFEX—a milestone that proved local capital could be mobilised effectively for large-scale mining development.

Now, as the company prepares for its second bond issuance, confidence in the VFEX as a resource-capitalisation platform continues to grow.

Speaking at a site visit attended by several financial institutions and potential investors, Karo Country Director Dr. Joe Zimba confirmed that preparations for a follow-up bond are in full swing.

“We’re scheduling one-on-one meetings with interested parties starting next week,” Dr. Zimba said. “That’s when we’ll bring in our finance director to walk through the bond structure—tenure, coupon, and other technical details.”

According to Karo, the new bond will feature structural amendments, including a revised coupon rate and extended tenure. An Extraordinary General Meeting (EGM) of current bondholders is being scheduled to approve the changes. Importantly, the bond is not linked to mine production timelines—rather, it is backed by corporate guarantees, making it more attractive to cautious investors.

Dr. Zimba also reiterated Karo’s commitment to transparency, sustainability, and delivery. With over US$160 million already invested in infrastructure, including power lines and bulk earthworks, the project is edging closer to production, even as global PGM prices experience short-term volatility.

“What we are building here is not just a mine,” said Zimba. “It is an industrial operation that will transform Zimbabwe’s platinum industry and contribute significantly to the national economy.”

Domestic Capital Markets Step Up

The experiences of Caledonia and Karo highlight a key theme: Zimbabwean capital markets, when empowered and supported by policy, can mobilise significant resources for mining development. This narrative stands in stark contrast to the long-held belief that only international markets—such as London, Toronto, or New York—can provide adequate capital for African mining ventures.

In fact, Caledonia’s experience shows that the VFEX has not only been competitive but in some respects, more fruitful than its global counterparts.

“We’ve raised more on VFEX than on the NYSE,” Learmonth noted, a statement that would have seemed implausible just a few years ago.

It’s a powerful endorsement of Zimbabwe’s attempts to localise its mining value chain—not only in terms of production and beneficiation but also in terms of financing. With rising calls for beneficiation, formalisation, and sustainability in the sector, having a strong domestic financial architecture is no longer optional—it’s a necessity.

Yet, Learmonth cautioned that capital will remain elusive if Zimbabwe fails to implement key reforms.

“Mining companies have choices,” he said. “Zimbabwe must compete globally for discretionary investment.” In a world where capital is increasingly selective, the message is clear: stability, transparency, and investor protection must be at the centre of Zimbabwe’s mining policy.

The Road Ahead

If Caledonia’s and Karo’s stories are anything to go by, then the VFEX is not merely a novelty—it is fast becoming the preferred vehicle for mining finance in Zimbabwe. The listing of bonds, equities, and new instruments on the VFEX has opened new pathways for Zimbabwean and regional capital to back resource development at home.

Still, the challenges are real. Zimbabwe must tackle forex retention issues, provide stable fiscal frameworks, and improve the ease of doing business. But the successes of VFEX-listed miners have proven that with commitment and collaboration between the public and private sectors, Zimbabwe can begin to reverse decades of underinvestment.

For Caledonia, the journey continues. With its Blanket Mine operations now contributing meaningfully to national gold output, and exploration and expansion underway, the company remains a pillar of Zimbabwe’s gold resurgence. And for the VFEX, it is validation—a homegrown financial platform can indeed compete with the world’s best, if given the tools to do so.

As Learmonth concluded, “With the right reforms, Zimbabwe has every opportunity to emerge as a preferred mining jurisdiction—particularly as investors grow wary of instability elsewhere on the continent.”

Does Anglo American’s Exit from Amplats Signal Deeper Trouble for PGMs?

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Does Anglo American’s Exit from Amplats Signal Deeper Trouble for PGMs?

Anglo American’s recent decision to relinquish control of Anglo American Platinum (Amplats), now rebranded as Valterra Platinum, has sent ripples across the global mining sector.

By Rudairo Mapuranga

For Zimbabwe—a nation with significant platinum group metals (PGMs) investments—this development raises questions about the long-term prospects of the sector, particularly in light of falling PGM prices, global economic shifts, and an increasingly complex geopolitical landscape.

Valterra Platinum, the newly independent entity, now takes charge of strategic assets across South Africa and Zimbabwe, including Unki Mine. While this spin-off is part of Anglo American’s broader restructuring to focus on copper and iron ore amid a failed $49 billion takeover bid from BHP Group, it cannot be divorced from the weakening fundamentals of the PGM market.

Prices for rhodium and palladium, key metals in the PGM suite, have plunged 56% and 43% respectively since 2023. As investors digest Anglo’s strategic retreat, many are left wondering whether this signals a broader decline in the value and potential of PGMs.

Zimbabwe, home to major PGM assets like Zimplats, Mimosa, and Unki, finds itself in a precarious position. The country has been banking on PGMs to contribute significantly to its US$12 billion mining economy roadmap. But as the price and demand for PGMs soften, the sustainability of these ambitions is under scrutiny.

Add to this the burden of a 77% effective tax rate, power shortages, and forex-related losses, and the PGM narrative in Zimbabwe begins to unravel.

Despite the challenging market, mining companies continue to invest. Zimplats has committed over US$444 million to a new smelter and SO₂ abatement projects. Unki Mine is investing US$700,000 into solar expansion. These investments are vital steps toward value addition and environmental sustainability, yet their viability is heavily dependent on global PGM demand and pricing stability.

Valterra’s leadership, while optimistic, acknowledges the challenges. In a recent interview, Valterra CEO Craig Miller emphasised the long-term value of PGMs and noted that platinum prices should be higher based on structural deficits.

However, optimism must now contend with market realities: investor caution, diminishing auto-catalyst demand due to electric vehicle uptake, and the rise of China’s influence on commodity pricing.

China, a dominant player in global manufacturing and the battery supply chain, increasingly dictates prices for key materials like lithium, nickel, and platinum.

As expert Magnus Bekker noted, “As long as China keeps commodity prices down, they will control many global manufacturing sectors.” For Zimbabwe, this is a double-edged sword.

While Chinese investments support local mining operations, they also mean local producers remain vulnerable to China’s pricing strategies.

There’s also scepticism about platinum’s role in hydrogen battery technology. Once seen as a saviour for PGM demand, hydrogen applications may not be as impactful as expected. Bekker bluntly called hydrogen for energy storage “one of the dumbest ideas ever,” stating that any future demand could be met by recycling platinum from scrapped internal combustion engine (ICE) vehicles.

Against this backdrop, the exit of Anglo American from Amplats, just as platinum prices struggle, could well be seen as a statement of retreat. It suggests that even the most seasoned players are recalibrating expectations and de-risking their exposure to PGMs.

To safeguard its future, Zimbabwe must adapt. This includes ramping up value addition, establishing beneficiation and refining plants, and ensuring policy consistency. Local processing not only retains more value but also protects producers from external price shocks. Furthermore, regional collaboration, especially with South Africa, could pave the way for an integrated PGM industrial complex across Southern Africa.

Investment in innovation and battery technology must also be prioritised. Zimbabwe, rich in lithium and PGMs, could emerge as a key player in next-generation battery materials—if it builds the necessary infrastructure and attracts the right partners.

Ultimately, while Anglo’s exit may not spell doom for PGMs, it certainly demands reflection. Zimbabwe’s PGM sector stands at a crossroads: cling to an outdated model of raw exports, or evolve into a competitive, integrated, and value-driven industry. The time to decide is now.

Pickstone Tragedy Sparks Call for Stronger ASM–Large-Scale Mine Relations

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Pickstone Tragedy Sparks Call for Stronger ASM–Large-Scale Mine Relations

The tragic loss of four lives at Pickstone Peerless Mine in Chegutu has prompted renewed calls from the government and industry leaders for urgent reforms to improve safety and foster better relationships between large-scale mines and artisanal miners, Mining Zimbabwe can report.

By Rudairo Mapuranga

The incident, caused by an unauthorised underground blast allegedly carried out by illegal miners, resulted in the collapse of an open pit, trapping five people underground. One was rescued, while four others perished.

Speaking at the scene, Deputy Minister of Mines and Mining Development, Honourable Polite Kambamura, condemned the illegal mining activities and promised tougher penalties in the near future.

“In future, if anyone is caught doing this, the government is going to come up with a deterrent, not just fines, but jail time. We want people to mine responsibly. We want sustainability, we don’t want loss of life — we want smart gold,” Kambamura said.

He urged large-scale mining companies to collaborate more with surrounding communities, especially artisanal and small-scale miners (ASM), to improve safety and environmental practices.

“We implore large-scale miners to establish good working relationships with small-scale miners. Share knowledge, help monitor safety, and guide them towards formalisation. This is key to responsible and sustainable mining,” he added.

Dallaglio Tightens Security Measures

Dallaglio Investments, the owners of Pickstone Peerless Mine, confirmed the details of the collapse and said they are assessing additional measures to enhance site security and prevent future tragedies.

“The open pit’s structure was compromised by an illegal blast, which caused the collapse,” said Dallaglio CEO James Beare. “We’re evaluating options, including pit lighting, increased patrols, surveillance cameras, and drones to prevent unauthorised access and enhance safety.”

Beare acknowledged the need for deeper engagement with surrounding communities and said the company is committed to playing its part in fostering safer mining environments.

Time to Formalise ASM

The government has for years been pushing for the formalisation of ASM to promote safer practices and enhance the sector’s contribution to the economy. Despite their significant role in gold production, most artisanal miners operate informally, often without proper training, licences, or equipment.

“This accident is a wake-up call. Formalisation is not about policing miners — it’s about protecting them,” said Deputy Minister Kambamura. “We want a system that supports safe, legal, and productive mining.”

He emphasised that formalised ASM could access training, financial support, and technical guidance from both government and private players like Dallaglio, reducing the risks of such fatal accidents.

Safety at the Core of Mining Growth

As Zimbabwe seeks to grow its mining sector by 2030, the issue of safety, especially in the informal sector, has become a national priority. The Pickstone Peerless Mine disaster is one of several fatal incidents in recent years linked to unsafe artisanal mining.

Industry experts argue that without inclusive policies and stronger cooperation between mining companies, regulators, and communities, such tragedies will continue.

The Deputy Minister said the government remains committed to dialogue and developing policies that not only grow the mining sector but also protect lives.

“This is no longer about production figures only,” Kambamura said. “It’s about lives, communities, and ensuring that when the mining is done, our people still have a future to look forward to.”

Parliament Demands Stronger Mining Reforms, Local Benefits, and Energy Investment

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Parliament Demands Stronger Mining Reforms, Local Benefits, and Energy Investment

Zimbabwe’s Parliament has reaffirmed its commitment to push for transformative mining reforms aimed at ensuring communities benefit meaningfully from the country’s mineral wealth, while also enhancing investment, beneficiation, and sustainable power supply to drive long-term national development, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking on behalf of the Chairperson of the Parliamentary Portfolio Committee on Budget, Finance and Investment Promotion, Hon. Energy Mutodi, Masvingo South Member of Parliament Hon. Tanatsiwa Mukomberi told delegates at the Chamber of Mines Annual Mining Conference in Victoria Falls that the country needs to urgently address widespread public concerns regarding the mining sector’s impact, its benefits to citizens, and the transparency of mineral resource governance.

“Our mandate as Parliament includes legislative, representative, and oversight roles. We’re receiving strong sentiments from the public calling for mining to translate into tangible development—roads, clean water, schools, and clinics,” Mukomberi said.

He cited constitutional obligations under Section 13(4), which states that local communities must benefit from resources in their areas. However, mining-rich districts like Marange still lack basic infrastructure. This paradox—where communities are surrounded by mineral wealth yet remain in poverty—has led to growing calls for reinstating Community Share Ownership Trusts (CSOTs), under which communities would receive a 10% stake in nearby mining operations.

Mukomberi stressed that environmental concerns were equally critical. While acknowledging that mining inherently disrupts land, he urged miners to implement responsible and sustainable practices, echoing Parliament’s concern with intergenerational equity—a key tenet in the Public Finance Management Act.

“The principle demands that both current and future generations benefit from mining. This means not only extracting responsibly but also reinvesting in exploration, education, and infrastructure to ensure long-term returns,” he said.

He called for more deliberate national budgeting for exploration, particularly in high-potential areas like Muzarabani (gas) and Lupane (coalbed methane), and for full geological mapping to guide investors. Beneficiation and value addition were also top priorities.

“When we export raw minerals, we’re exporting jobs and reducing foreign currency potential. Parliament wants lithium miners to submit proposals to establish processing plants locally. The current 5% beneficiation tax must be reviewed upwards to incentivise local processing,” he added.

Among the strongest proposals from Parliament and the public were:

  • A sliding scale royalty system based on global mineral prices to cushion miners when prices are low and capture more revenue when prices are high.
  • A revenue-sharing mechanism between the central government, local authorities, and communities from royalties.
  • A review of the 20% Capital Gains Tax on mining title transfers.
  • Mandatory Corporate Social Responsibility (CSR) legislation tied to environmental performance.
  • Stronger compliance with land development levies set by rural district councils.

Mukomberi also highlighted the public’s desire to see indigenous Zimbabweans managing major mines and called for significant investment in mining education and skills development.

On the energy front, he painted a stark picture: the beneficiation plant recently visited by Parliament will require 200 megawatts of electricity at full capacity. He warned that Zimbabwe’s power deficit threatens mining sector viability, echoing calls made throughout the conference.

“There’s urgent need for investment in power generation. Government must incentivise renewable energy by offering guaranteed tariffs and guarantees for Independent Power Producers. Banks must also be encouraged to finance these projects,” he said.

He concluded by urging collaboration across Parliament, government, mining companies, and financiers, saying a thriving mining sector must deliver inclusive growth, local benefits, and future-ready sustainability.

“Our minerals must not be a curse but a foundation for development. This requires bold decisions, strong laws, and collective commitment.”

AMSZ Announces Q2 Technical Visit to Blanket Mine

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AMSZ Announces Q2 Technical Visit to Blanket Mine

The Association of Mine Surveyors of Zimbabwe (AMSZ) has officially announced that its second quarter (Q2) technical visit for 2025 will be held on Friday, June 20, at Blanket Mine in Gwanda, Mining Zimbabwe can report.

By Rudairo Mapuranga

The visit, hosted in collaboration with Caledonia Mining Corporation, is part of AMSZ’s ongoing efforts to strengthen technical capacity, professional networking, and compliance knowledge among Zimbabwe’s mine surveyors.

This full-day event is expected to offer in-depth exposure to advanced mine survey systems, data integration tools, and underground mining practices. It will feature a comprehensive mine tour, technical presentations, and practical demonstrations designed to enhance participants’ understanding of modern surveying methodologies and technologies.

According to AMSZ Secretary General Takunda Mubaiwa,

“The key area of focus during the visit will be the use of Deswik Integrated Mining Solutions at Blanket Mine, which has been at the forefront of applying innovative technologies in mine planning and survey data management,” he said in a statement. “We will also explore how Blanket Mine ensures adherence to regulatory frameworks and best practices in mine safety and environmental stewardship,”.

Delegates are expected to arrive by 8:00 a.m., with the programme officially beginning with registration and alcohol screening, followed by a safety induction and medical clearance. The morning session will include technical presentations from both AMSZ and Caledonia Mine’s surveying team, offering insights into the mine’s operational strategies and survey infrastructure. This will be followed by a detailed surface and underground mine tour, which will provide practical exposure to the techniques discussed earlier.

After the tour, participants will reconvene for lunch, an open feedback session, and sponsor exhibitions. The event will conclude with a vote of thanks and official closing remarks before delegates depart around 4:00 p.m.

AMSZ has urged participants to register before Monday, June 16, 2025. Participants are also reminded to bring their own underground personal protective equipment (PPE) as part of compliance with mine safety requirements.

This technical visit forms part of AMSZ’s broader mandate to foster continuous professional development, knowledge exchange, and technical innovation among surveyors in Zimbabwe’s mining sector. With Blanket Mine being one of Zimbabwe’s most prominent gold producers, this visit promises to be a significant learning opportunity for both seasoned professionals and young practitioners.

Dallaglio’s Pre-Tax Profit Soars 350% Driven by Sales Volume Growth

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Dallaglio’s Pre-Tax Profit Soars 350% Driven by Sales Volume Growth

Dallaglio Investments delivered a stellar financial performance in 2024, reporting a 350% increase in pre-tax profit to US$42.18 million, sharply up from US$9.38 million in 2023, as revenue also surged 53% to US$192.53 million in the period.

By Ryan Chigoche

This remarkable financial performance was driven by a historic 27% rise in gold prices—the strongest annual gain in 14 years—combined with Dallaglio’s 29% increase in gold sales volumes.

During the reported period, Dallaglio, which operates both the Pickstone-Peerless and Eureka mines, saw gold sales rise to 2,740 kilograms from 2,120 kilograms. This growth was supported by improved ore grades at both mines and plant optimizations implemented since late 2023.

As a result, cash flow from operations also jumped from US$30 million to US$50.53 million.

Gold prices hit multiple records last year, with the LBMA Gold Price PM peaking at US$2,777.80 per ounce in October amid inflation concerns, geopolitical tensions, and strong central bank buying, particularly from emerging markets. The rally has continued into early 2025, with prices surpassing US$3,200 per ounce, driven by escalating U.S.-China trade tensions and sustained investor demand for safe-haven assets.

A significant operational milestone in 2024 was the transition from open-pit to underground mining at Pickstone-Peerless, with the underground project now fully commissioned and ramped up. Building on these advances and the strong financial results, Dallaglio is intensifying its focus on exploration and expansion to ensure sustainable, long-term growth.

The successful ramp-up at Pickstone-Peerless lays a solid foundation, while upcoming exploration drilling at Eureka is aimed at unlocking additional underground potential. These efforts are part of a broader strategy to maintain steady production levels in the near term and drive future increases through targeted capital investments.

Group Chairman Thembinkosi Sibanda, in the group’s financial report, highlighted the company’s exploration plans at Eureka:

“The Pickstone underground project continues to be developed. Exploration drilling at Eureka will commence in 2025 to confirm long-term underground potential, with a full feasibility study expected by 2027. Gold production in 2025 is forecast to remain in line with 2024 volumes, while current expansion capital expenditure is expected to boost production starting in 2026.”

Parent company Padenga invested US$20 million into mining operations in 2024 and has allocated a further US$28.5 million for 2025 to expand underground operations. These investments align with the company’s goal of reaching 100,000 ounces (3,110 kilograms) of gold production next year.

At Eureka Mine, a key asset in the portfolio, significant upgrades already include the installation of a US$5 million pre-leach thickener in Q1 2025, which improved recovery rates, reduced reagent use by about 8%, and enhanced water efficiency. Additionally, new mining equipment was delivered, boosting throughput and reducing downtime. Management is also considering a gravity circuit upgrade targeted for Q3 2025, potentially improving gold recovery by 5–7%.

Padenga’s 2025 capital expenditure budget totals US$30 million, with US$15 million earmarked for Eureka’s exploration, equipment upgrades, and the installation of a 7-megawatt solar plant designed to mitigate Zimbabwe’s chronic power shortages.

These strategic investments position Dallaglio and Padenga to sustain strong production levels and capitalise on an extended period of elevated gold prices, while enhancing operational resilience amid ongoing global economic and geopolitical uncertainties.

RioZim in Crisis as Gold Output Plunges 54%, Company Seeks Lifeline from Investors

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RioZim in Crisis as Gold Output Plunges 54%, Company Seeks Lifeline from Investors

RioZim, once a dominant player in Zimbabwe’s gold sector, has hit a new low. The mining firm’s gold output fell by a staggering 54% in 2024, just as other companies are thriving thanks to record-high gold prices.

By Ryan Chigoche

Once a pillar of Zimbabwe’s mining industry, RioZim’s dramatic decline has deepened the company’s financial woes, with widening losses, shrinking liquidity, and growing doubts about its long-term viability.

Now under pressure from labour unions pushing for corporate rescue, RioZim is banking on potential backing from a group of Chinese investors to turn things around.

The company’s 2024 financial results paint a bleak picture. Only 428 kilograms of gold were produced last year, down from 940 kg in 2023.

For context, competitors like Caledonia and Padenga produced more gold in a single quarter than RioZim did all year. Caledonia’s Blanket Mine delivered 541 kg, and Padenga’s Dallaglio operations yielded 620 kg during the first three months of 2025.

Production was hit hard by a prolonged strike at Renco Mine caused by unpaid wages.

At the same time, operations at Cam & Motor suffered due to repeated equipment failures.

RioZim stated that the mine operated with just one functioning mill throughout the year after the second one was taken out of service.

Despite soaring gold prices globally, RioZim couldn’t capitalize due to its poor output. Renco’s production dropped by 45% to 243 kg, while Cam & Motor’s output plummeted by 63% to just 185 kg.

RioZim’s diamond unit, once a more stable part of the business, also declined. Murowa Diamond Mine’s output fell by 13%, with only 359,000 carats produced.

The company blamed old and inefficient machinery, saying it had to retire all its heavy equipment due to frequent breakdowns and escalating maintenance costs.

“The current fleet (of equipment) has passed its economic life. The low plant performance resulted in the mine decommissioning all its heavy mobile equipment during the year, as it became unsustainable to run due to persistent breakdowns,” RioZim says.

After years of underperformance and deteriorating conditions, the sale of some of RioZim’s assets now appears unavoidable.

To give a bit of their background, RioZim is an integrated mining and metallurgical company in Zimbabwe with an extensive portfolio of resources in gold, base metals, diamonds, coal, and chrome.

Its mining operations include Renco Gold Mine in Masvingo Province, and Cam & Motor Gold Mine and Empress Nickel Refinery, both in Mashonaland West Province.

RioZim also has interests in Sengwa Colliery Limited with coal assets in Gokwe North; Murowa Diamonds Limited with operations in Zvishavane; and Marnatha Ferrochrome Refinery in Kadoma.

RioZim separated from its parent company, Rio Tinto plc, in 2004 to become a wholly-owned Zimbabwean company.

Its subsidiaries include RioGold Limited, RioZim Base Metals Limited, and RioDiamonds Limited. RioZim Group Limited is listed on the Zimbabwe Stock Exchange.

Gold buying prices per gram in Zimbabwe, 3 June 2025

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Gold buying prices per gram in Zimbabwe, 3 June 2025

Gold buying prices per gram in Zimbabwe today, 3 June 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$102.41/g.
SG ABOVE 89% BUT BELOW 90% US$101.33/g.
SG ABOVE 80% BUT BELOW 85% US$100.24/g.
SG ABOVE 75% BUT BELOW 80% US$99.16/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$97.53/g.

Fire Assay CASH $102.95/g.

NB: Fire Assay cash price is for gold above 100g; no sample is deducted.
A sample of not more than 10g is deducted for the Fire Assay Transfer price.
A 2% royalty is charged on all deposits (Small-scale miners).
A 5% royalty is set for Primary Producers.

Gold buying prices per gram in Zimbabwe, 2 June 2025

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Gold buying prices per gram in Zimbabwe, 2 June 2025

Gold buying prices per gram in Zimbabwe today, 2 June 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$99.57/g.
SG ABOVE 89% BUT BELOW 90% US$98.52/g.
SG ABOVE 80% BUT BELOW 85% US$97.47/g.
SG ABOVE 75% BUT BELOW 80% US$96.41/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$94.83/g.

Fire Assay CASH $100.10/g.

NB: Fire Assay cash price is for gold above 100g; no sample is deducted.
A sample of not more than 10g is deducted for the Fire Assay Transfer price.
A 2% royalty is charged on all deposits (Small-scale miners).
A 5% royalty is set for Primary Producers.

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