Mining ZimbabweLatest Mining News, Policy and Industry Updates

Gold miners in Zimbabwe are smiling all the way to Fidelity Gold Refinery (FGR) after buying prices surged past US$100 per gram.

By Keith Sungiso

As of today, 17 April 2025, Fidelity Gold Refinery (FGR) is paying US$100.95/g for high-grade gold (90% purity and above).

This marks a significant moment for local producers and artisanal miners alike.

Here are the detailed rates from FGR:

• SG 90% and ABOVE: US$100.95/g
• SG ABOVE 89% BUT BELOW 90%: US$99.88/g
• SG ABOVE 80% BUT BELOW 85%: US$98.82/g
• SG ABOVE 75% BUT BELOW 80%: US$97.75/g
• SAMPLE BELOW 10g BUT ABOVE 5g: US$96.15/g
• Fire Assay (CASH): US$101.49/g

This rise in prices is expected to boost small-scale mining activity and further incentivise formal gold deliveries. Zimbabwe’s gold mining sector continues to play a key role in foreign currency generation, and such price shifts offer renewed hope for growth and investment in the industry.

With global prices on the rise, this is the time to dig, deliver, and earn more than ever before!

For regular updates on gold prices and mining sector developments, stay tuned to Mining Zimbabwe.

Gold miner Caledonia Mining Corporation Plc has successfully completed the sale of its 12.2MWac solar plant, which powers Blanket Mine. This unlocks significant value while retaining access to clean energy for its operations.

By Rudairo Mapuranga

The sale, finalized on April 11, 2025, is seen as a strategic move by the miner to refocus capital on its core gold production and growth initiatives.

The plant, commissioned in February 2023, was sold for US$22.35 million to CrossBoundary Energy (CBE), a firm known for financing and operating renewable energy systems for African businesses. The sale was executed through Caledonia’s Zimbabwean subsidiary, Caledonia Mining Services (Private) Limited, after a competitive bidding process led by local financial advisors IH Advisory.

Despite the transfer of ownership, Blanket Mine will continue to benefit from the solar plant’s output through an exclusive Power Purchase Agreement (PPA) signed with CrossBoundary. The agreement ensures that the mine maintains its access to renewable energy, which currently supplies around 20 percent of its daily electricity needs.

Caledonia’s Chief Executive Officer, Mark Learmonth, said the transaction strengthens the company’s financial position and aligns with its growth-focused strategy.

“We are pleased to have completed the sale of the solar plant, strengthening our cash position and enabling us to redeploy capital towards our core gold mining and expansion operations,” Learmonth said.

The 12.2MWac solar plant has delivered over 57,722 MWh of clean energy since coming online, contributing meaningfully to Blanket Mine’s energy mix amid Zimbabwe’s persistent power supply challenges.

The initial construction of the plant was funded through a 2020 capital raise in the United States that generated US$13 million from the issue of nearly 598,000 shares. With a total construction cost of US$14.3 million, Caledonia has effectively realized a profit through the sale.

Following the cash injection, Caledonia’s pro forma consolidated net cash position improved significantly, with net debt reduced to US$3.8 million as of April 9, 2025—down from US$8.7 million at the end of 2024.

CrossBoundary Energy Managing Partner Matthew Tilleard expressed confidence in the acquisition, emphasizing the importance of renewable power in mining.

“Energy provision is an expensive challenge for the mining sector in Africa. The acquisition of Blanket Mine’s solar PV facility is part of our ongoing commitment to providing the best energy solutions for the sector,” he said.

The deal demonstrates how Zimbabwe’s mining sector is beginning to leverage climate-resilient infrastructure while ensuring continuity of operations. It also sets a strong precedent for asset optimization in energy partnerships within the industry.

Ferrochrome producer ZIMASCO (Pvt) Ltd has scored a major victory in its ongoing corporate rescue wrangle, after Supreme Court Judge Justice Tendai Uchena granted interim relief barring lawyer Wilson Manase from posing as the company’s corporate rescue practitioner.

By Rudairo Mapuranga

The latest twist in the saga follows a High Court interdict that had already prohibited Manase from acting in the role—an order he allegedly ignored.

Despite not challenging the original High Court ruling, Manase is said to have approached ZIMASCO’s bank, demanding access to company funds. He argued that an appeal filed by Avim Investments, a company linked to businessman and politician Shepherd Tundiya, had suspended the court’s interdict.

ZIMASCO swiftly responded with an urgent chamber application to the Supreme Court, seeking to fast-track the hearing of Avim’s appeal and to stop Manase from interfering with company operations in the meantime.

The Supreme Court granted both prayers—ordering that the appeal be treated as urgent and issuing an interim order compelling Manase to cease and desist from claiming to be the corporate rescue practitioner until the appeal is heard.

ZIMASCO has described the appeal by Avim as nothing more than an “opportunistic attempt to fraudulently access the company’s assets and bank accounts,” raising red flags around the motive and legality of the move.

The company has also raised concern over two High Court orders issued by Justice Joel Mambara, which it says incorrectly refer to SINOSTEEL ZIMASCO (Pvt) Ltd—a completely separate entity. ZIMASCO has filed a fresh application at the High Court to address this alleged misidentification.

The matter has attracted international attention. The Chinese Embassy in Zimbabwe, whose government has direct investment interests in ZIMASCO through Sinosteel, has reportedly raised alarm with Zimbabwean authorities, demanding assurance that the company’s assets will be protected from what it views as illegal encroachment.

Meanwhile, ZIMASCO has taken the unprecedented step of filing a formal complaint with the Judicial Service Commission (JSC) against Justice Mambara, accusing him of misconduct and alleged involvement in a broader scheme to unlawfully seize control of the company’s assets.

The corporate rescue battle is far from over, but the Supreme Court’s latest ruling clearly tilts the momentum back in ZIMASCO’s favour.

Local suppliers have been urged to act responsibly and avoid profiteering when selling goods and services to Zimbabwe’s small-scale mining sector. There is growing concern that inflated prices are threatening the viability of operations for many small-scale miners.

By Ryan Chigoche

The call was made by Mashonaland West small-scale miner, Chiedza Chipangura, during a Zimbabwe Miners Federation (ZMF) meeting with suppliers in the capital.

This meeting was part of ZMF’s ongoing efforts to foster better relationships between suppliers and the small-scale mining community.

ZMF, which represents over 1.5 million miners, opened its doors to suppliers, providing them with direct access to miners to enhance trust and collaboration.

Chipangura pointed out that many local suppliers source most of their products cheaply from China but then impose exorbitant markups when selling them to miners.

“Local suppliers must act with integrity and responsibility when dealing with the small-scale mining sector. These miners are not only the backbone of our economy but also key players in job creation and rural development. It is therefore imperative that suppliers offer fair and reasonable prices for goods and services, rather than taking advantage of the sector through excessive markups,” Chipangura said.

She further warned that if suppliers continue to inflate prices, miners will be forced to look for alternative sources, including importing equipment directly, which could leave local suppliers without business.

“If the prices aren’t fair, miners will have no choice but to bypass local suppliers and import equipment on their own. That would leave suppliers out of work and harm the local economy,” she added. “We want to work with the value chain—that’s how we grow together.”

The initiative, according to ZMF officials, aims to create a platform for direct engagement between suppliers and miners, fostering transparency and accountability.

The hope is that this will encourage suppliers to adjust their pricing to reflect the realities of the small-scale mining sector and reduce the practice of overcharging.

Participants at the meeting cautioned that continued profiteering could derail efforts to formalize the artisanal and small-scale mining (ASM) sector, which already plays a vital role in Zimbabwe’s economy.

With miners responsible for a significant portion of the country’s gold production, any disruption to their operations could have far-reaching consequences.

With over half a million Zimbabweans directly employed in small-scale mining, ensuring fair pricing is seen as essential for the sustainability and long-term success of the sector.

By sourcing locally, miners not only support the economy but also enjoy faster access to necessary resources, ensuring smoother operations.

A heavily armed gang of about 30 robbers, some dressed in camouflage, stormed a Chinese-owned gold mine in Shamva on the night of April 13, making off with gold, cash, mobile phones, and firearms, police have confirmed.

The brazen heist took place at Ming Chang Sino Africa Mine in the Tafuna area of Mashonaland Central. The attackers reportedly got away with US$7,000 in cash, 20 grams of gold, 50 mobile phones, and two Mossberg shotguns.

The robbery began around 11:20 PM when 13 masked assailants—10 of them wearing military-style fatigues and armed with pistols and baton sticks—approached the mine’s main entrance and overpowered two security guards.

Simultaneously, another group of about 17 suspects breached the perimeter fence and rounded up more than 50 workers.

“The suspects ordered the workers to lie on the ground while assaulting them and demanding cash and valuables,” police said in a statement.

The Mine’s General Manager, Yuehui Du (45), was force-marched to his office, where he surrendered five mobile phones and US$1,200 in cash. In a separate incident, the Stores Manager, Jie Bao (38), was robbed of US$3,200, 20 grams of gold, and two mobile phones.

The workers were also searched, collectively losing US$2,564 in cash. In total, 50 mobile phones were taken from both staff and management.

The robbers also disarmed security personnel, seizing two Mossberg shotguns during the raid.

Although the gang appeared highly coordinated, police believe the sheer number of attackers may have introduced vulnerabilities, potentially leaving behind clues that could aid investigators.

The use of camouflage uniforms has raised concerns about the possible involvement of individuals with access to military-style gear.

Police are now reviewing CCTV footage from the mine as part of their investigation.

Authorities are also working closely with the mine’s management to assess security lapses and strengthen safety protocols at mining operations across the region.