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Bikita Minerals Export Permit Cloned in Massive Lithium Smuggling Attempt

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Bikita Minerals Export Permit Cloned in Massive Lithium Smuggling Attempt

A 32-year-old Mutare customs clearance runner accused of orchestrating a sophisticated scheme to smuggle 204 tonnes of lithium ore to China using a cloned export permit from Bikita Minerals has been arrested and remanded in custody following his escape to Mozambique, Mining Zimbabwe can report.

By Rudairo Mapuranga

Simbarashe Shazha, of Greenside, appeared before Mutare magistrate Poterai Gwezhira facing two counts of attempted export and export of unbeneficiated base mineral ore under the Criminal Law (Codification and Reform) Act and the Base Minerals Export Control (Unbeneficiated Base Mineral Ores) Order, 2023.

The court heard that Shazha, who allegedly fled to Mozambique after his accomplices were arrested, was apprehended on Thursday upon his return to Zimbabwe.

Prosecutor Deliwe Masibhera alleged that in May, Shazha conspired with Tsitsi Manyumwa, a co-director of Kunshan Mineral Consultancy, and a Chinese national, Li Dewen, who remains at large, to fraudulently export lithium ore to China via Forbes Border Post.

Bikita Minerals Permit Fraudulently Cloned

According to investigators from the Zimbabwe Anti-Corruption Commission (ZACC), the syndicate cloned an expired export permit issued to Bikita Minerals (Pvt) Ltd and ZimAlloys Chrome for petalite concentrate to facilitate the smuggling operation. The fraudulent documentation was used to make the illegal export appear legitimate.

This incident follows a pattern of fraudulent permit use targeting legitimate mining operations. In a previous case, a Chinese businesswoman was denied bail for allegedly defrauding a company of US$160,000 using a counterfeit lithium export permit. Additionally, sources indicate that Chinese mining companies, including Sinomine—which owns Bikita Minerals—have raised concerns with Zimbabwean authorities about the fraudulent use of their export permits by smuggling syndicates.

Six-Truck Convoy and Sophisticated Smuggling Operation

The State alleged that between May 15 and 17, Manyumwa procured six haulage trucks to collect cargo containers from MSC for loading with lithium ore warehoused at CEVAFRICA Logistics Zimbabwe in Harare. The trucks then proceeded to Forbes Border Post, intending to cross into Mozambique for onward transmission to China.

On May 20, at around 5am, two trucks arrived at Forbes Border Post carrying the lithium ore. Shazha allegedly approached drivers Peter Duri and Philip Majada and handed them export documents and ZIMRA road manifests declaring the containers empty.

However, ZIMRA officers became suspicious after noticing that the containers were sealed and verified the load. The drivers allegedly admitted they were carrying lithium ore, leading to the seizure of the trucks. One driver was found in possession of a Mozambican Transit Declaration Form indicating that he was transporting lithium to Beira, contradicting the ZIMRA manifest.

Multi-Truck Smuggling Network Uncovered

Investigations revealed that the two intercepted trucks were part of a six-truck convoy ferrying lithium ore to Beira en route to China. Four trucks abandoned the exit queue and returned to Harare after realising that the operation had been compromised.

Two containers were later recovered at a car park near Glen View One Government Primary School in Harare on June 18. Another truck transferred its container to a different haulage vehicle in Msasa on May 28, with Shazha allegedly supplying the driver, Rodrick Macheke, with fraudulent export documents on June 4. Macheke used these documents to exit Zimbabwe on June 6. A fourth truck was intercepted in Goromonzi and seized at BAK storage.

ZACC investigations indicate that while the syndicate targeted approximately 204 tonnes of lithium ore for export, only about 34 tonnes are believed to have successfully left the country before the operation was disrupted. The seized lithium ore is valued at approximately US$100,000.

Context of Zimbabwe’s Lithium Export Ban

The smuggling attempt comes amid Zimbabwe’s tightened controls on unprocessed lithium exports. In December 2022, the government banned exports of unbeneficiated lithium ore, allowing exports only under a written ministerial permit. In February 2026, authorities suspended exports of all raw minerals and lithium concentrates, citing export malpractices and mineral leakages.

The government has since classified 14 minerals as “critical” and banned the export of all raw or unbeneficiated forms, with mandatory state shareholding through Special Purpose Vehicles now enshrined in law. Mines and Mining Development Minister Dr Polite Kambamura has stated: “The era of shipping raw rock for marginal returns is over.”

Shazha, represented by Mr Nyasha Mukonyora of Gonese and Ndlovu Legal Practitioners, was remanded in custody to August 12 pending a bail application. His co-accused, Manyumwa, previously appeared before Harare Magistrate Ruth Mutare and was granted US$1,000 bail. Li Dewen remains at large as investigations continue.

Gold buying prices in Zimbabwe per gram/ ounce, 13 August 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 13 August 2026

Gold buying prices in Zimbabwe per gram/ ounce, 13 August 2026, from the official gold buyer and exporter, Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice (US$/g)Price (US$/oz)
SG 90% and Above$132.22$4,112.50
SG 85% but Less Than 90%$130.82$4,068.96
SG 80% but Less Than 85%$129.42$4,025.41
SG 75% but Less Than 80%$128.02$3,981.87
Sample (5–10 g)$125.92$3,916.55
Fire Assay (Cash)$135.92$4,227.58

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

#GoldPrices #GoldBuying #GoldMarket #GoldTrading #GoldRate #GoldPriceToday #GoldNews #PreciousMetals #GoldIndustry #GoldEconomy #FidelityGoldRefinery

Zimbabwe School of Mines Produces 369 New Mining Professionals

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Zimbabwe School of Mines Produces 369 New Mining Professionals

Graduates challenged to drive beneficiation and build mining enterprises

The Zimbabwe School of Mines (ZSM) has added 369 new professionals to Zimbabwe’s mining skills pipeline, graduating a cohort expected to support an industry increasingly shaped by technology, mineral processing and value addition, Mining Zimbabwe can report.

By Ryan Chigoche

The institution’s 32nd graduation ceremony saw students complete programmes in Mining Engineering, Geology, Metallurgy, Mine Surveying, Mine Environmental Engineering and related disciplines. The graduating class comprised 103 female and 266 male graduates, who will join thousands of ZSM alumni working across Zimbabwe, the Southern African region and beyond.

The latest graduates enter the mining sector at a time when companies are seeking specialised technical skills to support exploration, production, processing and the adoption of modern technologies. As one of Zimbabwe’s key mining training institutions, ZSM has, over the years, supplied professionals to mining operations, government institutions and service providers locally and across the region.

Delivering the keynote address on behalf of the Guest of Honour, Dr Polite Kambamura, Deputy Minister of Mines and Mining Development Dr Caleb Makwiranzou challenged the new professionals to take a broader role in shaping the future of the sector. He urged them to move beyond traditional employment pathways and instead contribute to a more value-driven mining ecosystem.

“We don’t want you to be employed. We want you to build mining enterprises, service companies, assay laboratories and technology ventures of your own. As the theme says, there are limitless possibilities. You are graduating into an industry where there are opportunities beyond the mine itself. You must be the generation that adds value because exporting ores is now a thing of the past.”

Such enterprises, he said, would strengthen local participation in mining by expanding the network of Zimbabwean-owned suppliers, technical specialists and service providers supporting the industry.

Makwiranzou further urged graduates to build their careers around four pillars, safety, beneficiation, entrepreneurship and continuous learning, noting that professionals would need to constantly adapt as technology transforms the way mining operations are conducted. He also highlighted efforts by ZSM to modernise its training programmes, including the establishment of a drone training school, as mining increasingly adopts technology-driven approaches to surveying, data capture and operations management.

For ZSM, the graduation marks another milestone in the institution’s efforts to align mining education with the changing needs of the industry. Speaking at the ceremony, Zimbabwe School of Mines Principal Edwin Gwaze said the school was focused on developing professionals capable of supporting innovation, sustainable mineral development and economic transformation as Zimbabwe’s mining sector evolves.

“As we embark on our 2026–2030 strategic journey, we remain committed to developing world-class mining professionals who will drive innovation, sustainable mineral development and economic transformation across Zimbabwe, the region and beyond,” Gwaze said.

He added that the progress achieved by the institution had been supported by the Government, the Board of Management, staff, students, alumni, industry partners, development partners and the Chamber of Mines of Zimbabwe.

As the latest graduates enter the sector, they face a mining landscape where technical expertise, innovation and local participation are becoming increasingly important to the industry’s growth. Closing the ceremony, Makwiranzou reminded graduates that Zimbabwe’s mineral wealth depended not only on the resources underground but also on the people who would shape the industry’s future.

“The mineral wealth of this country is not in the ground. It is right here. It is in the people,” he said.

World Gold Council Flags Fresh Inflation Risks as High Gold Prices Bolster Zimbabwe’s Outlook

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World Gold Council Flags Fresh Inflation Risks as High Gold Prices Bolster Zimbabwe’s Outlook

Zimbabwe’s gold sector is set to remain supported by historically high bullion prices despite mounting pressure from elevated interest rates, with the World Gold Council (WGC) saying resilient central bank buying, strong Asian demand, and renewed inflation risks continue to underpin the precious metal’s longer-term outlook, Mining Zimbabwe can report.

By Ryan Chigoche

The assessment comes as Zimbabwe steps up efforts to increase gold production and export earnings, positioning the country’s top foreign currency earner to benefit if bullion prices remain near record highs, even as global markets navigate an uncertain monetary policy environment.

Gold ended July largely unchanged at US$4,027 per ounce after repeatedly testing the US$4,000 level during the month. According to the WGC, positive price momentum and renewed inflows into gold-backed exchange-traded funds (ETFs) offset pressure from rising bond yields, while a weaker US dollar also provided support.

The Council said European investors led ETF inflows in July, marking a notable shift as investors increased allocations to gold despite real bond yields reaching multi-year highs.

More significantly, the WGC warned that the risk of a second wave of inflation is rising, although it does not expect a repeat of the prolonged inflation spiral experienced during the 1970s.

Instead of oil shocks, today’s inflation risks are increasingly tied to geopolitical fragmentation, strategic stockpiling of critical minerals and metals, and rising government and corporate spending on artificial intelligence and industrial policy.

“Inflation could reignite if another shock arrives before inflation expectations have fully normalised,” the Council said in its latest Gold Market Commentary.

For Zimbabwe, the outlook could provide a favourable backdrop for producers at a time when the Government is seeking to expand gold output, formalise artisanal mining, and strengthen mineral export earnings.

Sustained bullion prices above US$4,000 an ounce improve operating margins for producers, increase the economic viability of lower-grade deposits, and can encourage further investment in mine expansion and exploration.

The WGC cautioned, however, that higher inflation alone is unlikely to trigger another sharp rally in gold.

Instead, bullion’s performance will depend on how inflation influences real interest rates, the US dollar, and global economic growth. Gold tends to perform more strongly when inflation is accompanied by falling real yields, a weaker dollar, or rising recession risks.

The Council also argued that today’s global gold market is being driven by a broader set of forces than in previous decades.

While US monetary policy remains influential, central bank purchases and physical demand from Asian consumers have emerged as increasingly important pillars of the market, helping gold maintain elevated prices despite historically restrictive real interest rates since 2023.

That shift is particularly relevant for Zimbabwe, whose gold industry has become increasingly important to national export earnings and foreign currency generation. A prolonged period of elevated prices would support mining revenues while strengthening government royalty collections and export receipts.

The WGC expects inflation risks to remain elevated but believes any future gains in gold are more likely to be driven by slowing economic growth, lower long-term bond yields, and continued official-sector buying than by inflation alone.

“Together with continued central bank buying and Asian consumer demand, that should prove supportive for gold, albeit without necessarily repeating the outsized gains of 2025,” the Council said.

Zimbabwe’s US$90 Billion Muzarabani Oil Project Set for November Drill as Invictus Signs Rig Deal

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Zimbabwe’s US$90 Billion Muzarabani Oil Project Set for November Drill as Invictus Signs Rig Deal
  • Muzarabani Oil and Gas Project Locks in November Spud as Rig Contract Signed

The Muzarabani oil and gas project, one of Africa’s largest undeveloped hydrocarbon resources with an estimated US$90 billion in-place value, has confirmed a November 2026 spud date for its high-impact Musuma-1 exploration well after Invictus Energy executed a revised drilling contract with Exalo Drilling S.A., Mining Zimbabwe can report.

By Rudairo Mapuranga

The Deed of Variation to the drilling contract formalises the provision of Exalo Rig 202 for the well, which will target an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet of gas and 73 million barrels of condensate in the eastern portion of the Cabora Bassa licence area. The well is designed as the first high-impact exploration test outside the Mukuyu gas-condensate discovery area, targeting a new play type identified through the CB23 seismic survey.

“This enables Invictus to confirm the Musuma-1 spud for November 2026,” Invictus Managing Director Scott Macmillan said. “Musuma-1 is a high-impact exploration well with the potential to materially expand the resource base of the Cabora Bassa Project and complement the Mukuyu gas-condensate discovery.”

Rig Preparation and Mobilisation Underway

Exalo will undertake a comprehensive maintenance and operational readiness campaign for Rig 202 ahead of its relocation from the Mukuyu area to the Musuma-1 wellsite. The inspection and maintenance scope has been completed, with preparation work designed to support safe mobilisation, rig-up, and drilling operations.

The rig preparation campaign will include critical maintenance activities, with Exalo personnel working alongside Invictus and Geo Associates drilling teams. Procurement of the remaining well services has also substantially progressed, with contracts being prepared for award, followed by equipment preparation and staged mobilisation to the Musuma-1 location.

Wellpad Construction to Begin Following Cultural Ceremonies

Construction of the Musuma-1 wellpad and associated civil works is scheduled to commence next week following the completion of customary cultural ceremonies and traditional protocols with local leaders and host communities.

The civil works programme will include construction of the wellpad and supporting site infrastructure, as well as upgrades to the road network required for mobilisation of the drilling rig and associated services.

Regulatory Framework in Place

The contract milestone follows the formal signing of the Petroleum Production Sharing Agreement (PPSA) in May 2026 between the Government of Zimbabwe and Geo Associates, Invictus’ 80%-owned subsidiary. The agreement established the legal and fiscal framework governing oil and gas exploration, production, and revenue sharing at the Cabora Bassa project.

The PPSA adopts a hybrid model allowing the Government to receive its share either in cash or in petroleum products, using a sliding-scale model tied to project returns. “In times of low returns, the contractor gets a higher share. In times of higher returns, Government gets a much bigger share,” Macmillan explained at the signing.

Basin Potential

The broader Cabora Bassa Basin is estimated to contain approximately 1.38 billion barrels of oil and condensate, with the Mukuyu gas field alone holding up to 20 trillion cubic feet of gas and 845 million barrels of conventional gas condensate. Independent estimates value the in-place resources at approximately US$90 billion at current market prices.

The project has been granted National Project Status and Special Economic Zone designation, providing fiscal and non-fiscal incentives to facilitate equipment imports and accelerate development timelines. The Mutapa Investment Fund, Zimbabwe’s sovereign wealth fund, holds a significant shareholding position in Invictus Energy through the project structure.

With wellpad construction, civil works, logistics, and rig maintenance activities now progressing in parallel, all critical path activities are underway to support the November drilling schedule. “The Company looks forward to providing further updates as we move into the execution phase of the drilling campaign,” Macmillan said.

Gold buying prices in Zimbabwe per gram/ ounce, 7 August 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 7 August 2026

Gold buying prices in Zimbabwe per gram/ ounce, 7 August 2026, from the official gold buyer and exporter, Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice (US$/g)Price (US$/oz)
SG 90% and Above127.843,976.27
SG 85% but Less Than 90%126.483,933.97
SG 80% but Less Than 85%125.133,891.98
SG 75% but Less Than 80%123.783,849.99
Sample (5–10 g)121.753,786.85
Fire Assay (Cash)128.513,997.11

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

#GoldPrices #GoldBuying #GoldMarket #GoldTrading #GoldRate #GoldPriceToday #GoldNews #PreciousMetals #GoldIndustry #GoldEconomy #FidelityGoldRefinery

Zimbabwe’s Lithium Revenue Set to Hit US$3.2bn

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Zimbabwe’s Lithium Revenue Set to Hit US$3.2bn

Zimbabwe’s lithium industry is on course to generate about US$1 billion in turnover this year as producers begin exporting battery-grade lithium sulphate, with annual revenue projected to rise to US$3.2 billion once planned processing plants reach full capacity, Mining Zimbabwe can report.

By Ryan Chigoche

The projections were outlined by Innocent Rukweza, chairman of the Lithium Producers Association of Zimbabwe, during a panel discussion at the Beneficiation Symposium held on the sidelines of the just-concluded Mine Entra 2026 exhibition in Bulawayo.

The projections provide one of the clearest indications yet of the economic gains the country expects from its beneficiation policy, which seeks to shift the industry from exporting raw minerals to manufacturing higher-value battery materials.

Zimbabwe, Africa’s largest producer of lithium, has progressively tightened export controls on the battery mineral as it seeks to capture more value from the global electric vehicle supply chain. The government first banned raw lithium ore exports before requiring producers to invest in downstream processing facilities, arguing that beneficiation will generate higher export earnings, industrial investment, and skilled employment.

Speaking during the panel discussion, Rukweza said the industry’s transition from raw ore exports to concentrate and now lithium sulphate was already reshaping the sector’s earnings.

“In 2022, when we were just exporting ores, we were looking at a turnover of over US$60 million,” Rukweza said.

“The moment the ban came in and we were dealing with concentrates, we’ve been averaging about US$580 million between 2023 and 2025. This year, with the first parcel from Acadia of lithium sulphate, we’re expecting turnover to reach about US$1 billion.”

The milestone follows Zimbabwe’s first commercial exports of battery-grade lithium sulphate by Acadia, marking the country’s entry into a higher-value segment of the battery minerals supply chain.

Lithium sulphate is an intermediate chemical used to manufacture battery-grade lithium products, allowing producers to capture substantially greater value than exporting raw ore or concentrate.

Rukweza said the industry’s earnings would continue climbing as more lithium sulphate plants come on stream.

“Thereafter, when the industry is also producing lithium sulphate from 2027 and beyond, we are going to be peaking at a turnover of US$3.2 billion. From just exporting ores to lithium sulphate, we are moving from US$60 million to about US$3.2 billion. The numbers don’t lie.”

The projected growth is underpinned by billions of dollars already committed to downstream infrastructure. According to Rukweza, producers have invested about US$2 billion in concentrator plants and a further US$1.4 billion in lithium sulphate facilities, taking total investment in the lithium value chain to about US$3.4 billion.

At peak production, Zimbabwe’s lithium sulphate processing capacity is expected to reach about 385,000 tonnes a year by 2028, positioning the country as a significant regional producer of the battery chemical.

The figures suggest Zimbabwe’s beneficiation policy is beginning to attract investment beyond mining into chemical processing. However, Rukweza said sustaining that momentum would require a competitive fiscal framework.

He said Zimbabwe’s tax burden remained relatively high compared with competing lithium-producing jurisdictions and urged policymakers to consider fiscal incentives to support beneficiation projects, noting that downstream processing requires substantial capital and long-term investment.

“We would kindly request that the taxation framework be looked at. If you compare Zimbabwe with competing jurisdictions, we are on the high side. There is also a need for fiscal incentives that support beneficiation because of the scale of investment required,” he said.

Beyond lithium sulphate, producers are also seeking to extract greater value from associated minerals. Rukweza said the industry is developing projects worth more than US$80 million to recover critical minerals, including tantalum, niobium, and cesium, broadening Zimbabwe’s participation in global critical minerals supply chains and reinforcing the country’s beneficiation strategy.

Zimbabwe’s Big Mining Bet: Turning Mineral Wealth Into Industry

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Zimbabwe’s Big Mining Bet: Turning Mineral Wealth Into Industry

The country wants to move beyond exporting mineral deposits and build a value chain spanning processing, technology, and manufacturing.

By Ryan Chigoche

Zimbabwe’s next mining opportunity may not be measured only by the tonnes extracted from its mines, but by what the country can build from those resources.

For decades, the country has relied on mining as a major source of foreign currency, exporting commodities including gold, platinum group metals, chrome, diamonds, and lithium. But much of the economic value generated after extraction, from advanced processing to manufacturing and technology, has been created elsewhere.

Now, Zimbabwe is attempting to change that model by using mining as the foundation for a broader industrial economy, Mining Zimbabwe can report.

The ambition is to move from being a supplier of mineral deposits to a producer of higher-value products, including chemicals, components, equipment, and finished goods.

“Zimbabwe must cease to be known principally as a source of mineral deposits. It must be known as a source of minerals, chemicals, components, equipment, technology, and finished industrial products,” Mines and Mining Development Minister Dr Polite Kambamura said at Mine Entra 2026.

The statement reflects a wider shift taking place across resource-rich economies, where governments are seeking to capture more value from minerals rather than relying mainly on exporting raw materials.

For Zimbabwe, the opportunity is being driven by changing global demand. The energy transition has increased competition for critical minerals such as lithium, while countries are increasingly seeking to secure supply chains closer to home.

The question is whether Zimbabwe can move beyond extraction and build the industrial capacity required to benefit from this opportunity.

The early signs are emerging across several sectors.

In lithium, producers are moving beyond traditional concentrate exports towards higher-value processing, including battery-grade lithium sulphate production. The shift is aimed at allowing Zimbabwe to retain a larger share of the value created from one of the world’s fastest-growing mineral markets.

In gold, downstream investment is expanding beyond refining. Fidelity Gold Refinery’s move into jewellery manufacturing represents an attempt to capture additional value from precious metals before they leave the country.

The steel industry provides another example of the potential transformation. The Dinson Iron and Steel project is expected to create capacity beyond basic steel production, supporting the manufacture of products such as pipes, industrial wire, railway components, and mining consumables.

But building an industrial mining economy requires more than processing plants.

The biggest challenge is creating the ecosystem around those facilities — reliable electricity, specialised skills, technology, finance, and access to markets.

Kambamura highlighted this challenge, arguing that Zimbabwe’s objective should not simply be importing advanced machinery, but developing the expertise needed to operate, improve, and eventually design industrial systems locally.

“Our objective is not to simply import automated equipment, but to develop engineers, technicians, data scientists, meteorologists, metallurgists, and technology enterprises capable of operating, improving, and eventually designing these systems,” he said.

That distinction is critical. A processing plant can create jobs, but an industrial ecosystem creates companies, skills, and innovation that remain in the economy for decades.

Energy remains one of the biggest challenges.

Large-scale mining and manufacturing projects require consistent power supplies, while investors need confidence that infrastructure can support long-term operations.

Kambamura said mining companies, manufacturers, and financial institutions would all have a role to play, with mining houses investing in energy solutions, manufacturers meeting international standards, and banks providing the long-term financing required for industrial projects.

The financing challenge is particularly significant because beneficiation projects typically require substantial upfront investment and take years before delivering returns.

This is why access to patient capital has become central to Zimbabwe’s mining transformation agenda. Unlike traditional commodity exports, industrial projects require investors willing to support longer development cycles.

Beyond Zimbabwe’s borders, the country is also looking at regional markets to achieve the scale needed for competitive manufacturing.

Opportunities under COMESA and the African Continental Free Trade Area could provide a larger market for locally produced industrial goods, reducing dependence on domestic demand alone.

However, the success of the strategy will depend on whether Zimbabwe can address the fundamentals that determine industrial competitiveness.

Mineral resources provide the starting point, but they do not automatically create industries.

The country will need to combine geological wealth with infrastructure, skills, technology, financing, and efficient policy implementation.

Mine Entra 2026 showcased that broader vision, bringing together companies involved in exploration, mineral processing, engineering, digital technologies, and manufacturing.

The challenge ahead is clear: Zimbabwe must decide whether its minerals will remain primarily an export commodity or become the foundation of a new industrial economy.

The next phase of mining will not only be about what Zimbabwe digs from the ground, but what it builds from it.

Zimbabwe Must Offer More Than Minerals to Attract Mining Investment – Chiwenga

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Zimbabwe Must Offer More Than Minerals to Attract Mining Investment – Chiwenga
  • VP Chiwenga: Zimbabwe Needs More Than Minerals to Win Exploration Capital

Zimbabwe’s mineral potential has never been in doubt. From gold and platinum group metals to lithium, chrome, and base metals, the country sits on a resource endowment that has attracted miners for generations.

The challenge has been turning that geological promise into a sustained pipeline of discoveries and new mines.

As Zimbabwe intensifies efforts to revive exploration and attract the risk capital needed to expand the mining sector, Vice President Constantino Chiwenga says the country’s ability to compete for investment will increasingly depend on how well it embraces environmental, social, and governance (ESG) standards, Mining Zimbabwe can report.

By Ryan Chigoche

For a sector searching for billions of dollars in exploration funding, ESG is becoming more than a compliance requirement. It is emerging as a measure of investor confidence, determining whether companies believe a jurisdiction is prepared for responsible long-term resource development.

Addressing the Mine Entra 2026 Exploration Symposium, Chiwenga said global investors were looking beyond mineral potential when assessing exploration opportunities, with governance, transparent reporting, environmental responsibility, and community relations becoming increasingly important.

“The highest standards of corporate governance, transparent technical reporting, and environmental responsibility create confidence for financial gain,” he said.

The message comes at a critical point for Zimbabwe’s mining industry. While the country has significant mineral resources, exploration activity has not matched its geological potential, raising concerns about the future pipeline of discoveries needed to sustain production growth.

Exploration is the foundation on which mining industries are built. Unlike producing mines that generate immediate revenue, exploration projects require companies to commit significant capital years before knowing whether a discovery can become an economically viable mine.

That makes confidence a key investment currency.

For exploration companies, decisions are influenced not only by geology but also by the strength of mining governance systems, security of tenure, quality of technical information, regulatory certainty, and the ability to operate responsibly alongside communities.

Chiwenga said Zimbabwe’s mining future would depend on more than the richness of its mineral resources, arguing that the country must strengthen the systems that allow those resources to create economic value.

“The future of Zimbabwe’s mining sector will not be determined by the richness of our mineral resources alone, but by the boldness with which we share our expertise and develop practical recommendations that strengthen our minerals’ economic value,” he said.

The growing importance of ESG reflects a wider shift in global mining finance, where investors are increasingly assessing environmental and social risks before committing capital. Projects associated with weak governance, community disputes, or environmental liabilities face higher risks and can struggle to attract funding.

Chiwenga said environmental protection must therefore be embedded from the earliest stages of exploration, warning that economic growth should not come at the expense of responsible resource management.

“As we pursue increased exploration and expand mining investment, we must never resign our obligation to safeguard the environment and protect the interests of future generations,” he said.

He also emphasised the importance of community partnerships, saying mining companies that build trust with local communities create stronger foundations for sustainable operations.

“Mining companies that engage communities with transparency, respect, and shared purpose build lasting partnerships that contribute to social stability and sustainable development,” Chiwenga said.

However, while ESG is becoming an important part of Zimbabwe’s investment proposition, it is only one piece of a much larger puzzle.

The country must also address long-standing investor concerns around policy predictability, security of mining rights, access to geological data, infrastructure constraints, and the availability of long-term capital.

Improving ESG standards can strengthen Zimbabwe’s appeal, but attracting exploration investment will require a broader package that combines responsible mining practices with a predictable and competitive operating environment.

Chiwenga challenged delegates to develop practical recommendations to strengthen the country’s exploration ecosystem, saying the next phase of mining growth would depend on science-led exploration, innovation, and investor confidence.

For Zimbabwe, the race for exploration capital is ultimately about converting potential into production. The geology provides the opportunity, but Chiwenga’s message is that the standards built above the ground will determine whether investors commit to unlocking what lies beneath.

Zimbabwe Risks Missing New Mineral Discoveries Without Junior Explorers, Expert Warns

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Zimbabwe Risks Missing New Mineral Discoveries Without Junior Explorers, Expert Warns

Unlock the Power of Junior Explorers to Drive Zimbabwe’s Mining Future, Dolan

ZIMBABWE must urgently address policy gaps and create a compelling investment case for junior exploration companies if it is to discover new mines and unlock the country’s immense geological wealth, a top exploration expert has warned, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking at the inaugural Mining Exploration Symposium on the sidelines of the Mine Entra Conference in Bulawayo, Duration Gold Director Allan Dolan said junior explorers now account for nearly 90 percent of all new mineral discoveries globally, a figure that has “constantly increased over the past 40 years.”

Yet in Zimbabwe, Dolan noted, no active TSX Venture-listed junior explorers are operating in the country, with only three listed on the ASX and three on the LSE/AIM. This stands in stark contrast to the 96 TSX- and TSX Venture-listed companies exploring 299 properties across 33 African countries, which raised US$1.5 billion.

“The discovery of new mines, and the harnessing of their economic power, is a Government imperative. The challenge has been laid down,” Dolan said.

The Junior Explorer Model: A Financing Mechanism for Discovery

Dolan, who has 30 years of international exploration experience focused on Africa, explained that junior explorers represent a fundamentally different business model from large mining companies.

“Junior exploration companies are, by an order of magnitude, the most successful funding structure for exploration,” he said.

Seniors are “typically run by engineers, accountants and lawyers” in a corporate atmosphere, driven by production and cash flow. Juniors, by contrast, are “entrepreneurial, driven by exploration and discovery” and want to “find the next Tier One or Tier Two deposit.”

He defined a junior exploration company as “a financing mechanism to spread the exceptionally high risk of exploration across a large shareholder base,” usually listed on the TSX Venture Exchange, the ASX, or the LSE’s AIM market.

The funding reality is modest. In 2025, there were 898 TSX Venture-listed companies with an average market capitalisation of US$71 million. They completed 1,249 equity raisings totalling US$5.75 billion, with an average equity raise of US$4.6 million each.

“The takeaway is to attract junior explorers, the annual expenditure level to retain a mineral right needs to fit within the average junior’s budget, which means within its annual equity fundraising, which is between US$2 million and US$4 million per year,” Dolan said.

A Personal Journey: From Sierra Leone to Zimbabwe

Dolan illustrated the transformative power of junior exploration using the discovery of Sierra Leone’s Tonkolili iron ore mine, a project he helped establish from the ground up.

In 1996, Dolan and an Australian geologist relocated to Freetown, Sierra Leone, to begin prospecting. Between 1996 and 2004, his company was granted 20 exclusive prospecting licences covering more than 36,000 square kilometres. In 2011, the mine, processing plant, and a 200-kilometre rehabilitated railway were commissioned, capping a US$2.8 billion investment.

“The mine continues to contribute up to US$3 billion annually to the Sierra Leone economy through taxes, royalties, a 10% free carry interest for Government, and local employment. For this small country, this represents between 20% and 25% of GDP,” Dolan said.

What Juniors Need to Succeed

Dolan said that for juniors, “it’s all about the EXIT”, whether through a trade sale, takeover bid, or joint venture with a senior producer.

“Those who invest in junior explorers have to see a clear and certain path to exit in an environment where a competitive bidding process will deliver the best possible return,” he said.

Currently, however, Dolan noted that “there are no major or intermediate Western mining companies operating in the country,” excluding platinum miners Zimplats and Mimosa. Chinese companies have been the most active acquirers, with Huayou Cobalt’s US$378 million acquisition of Prospect Lithium’s Arcadia Mine in 2022 a standout example.

He stressed that Zimbabwe’s fiscal policy must be “stable, predictable, supportive and consistent over the lengthy exploration, mining development and production lifecycle”, which can span decades.

“It must be not only competitive but superior to other jurisdictions competing for the same exploration and development capital,” he added. “Recent studies have confirmed that these policy factors are now actually more important than a country’s mineral prospectivity.”

Concrete Recommendations

Dolan proposed four specific actions for the Government:

Commission an independent study benchmarking Zimbabwe’s mining exploration and fiscal policy against African and international peers.

Investigate why no senior or intermediate Western miners operate in Zimbabwe.

Conduct a thorough analysis of why the country, despite its rich mineral endowment, has not yet developed internationally recognised Tier One, Tier Two, or Tier Three gold mines.

Commission a mining impact assessment analysing existing mines, their remaining reserves and resources, depletion rates, and the potential contribution of new discoveries to future GDP.

VFEX Venture Board: A Step in the Right Direction

In a potentially game-changing development, the Victoria Falls Stock Exchange is set to launch a dedicated Venture Board in 2026 to help junior and exploration-stage mining companies raise capital.

The new platform will offer a specialised listing segment for high-growth mining companies still in the exploration or early development phases, providing “a vital pathway to attract investors willing to take higher risks in exchange for potential returns.”

Access to long-term finance has long been a challenge for Zimbabwean miners, with most local banks offering only short-term loans at interest rates of around 35%. The Venture Board aims to bridge this financing gap by unlocking funding otherwise unavailable through traditional banking channels.

“It is expected to help miners grow, operate safely, and increase production while supporting economic growth and job creation,” a statement from the Zimbabwe Stock Exchange said.

Dolan’s call for a more attractive junior explorer framework comes as Zimbabwe seeks to expand mineral production and achieve its National Development Strategy 2026–2030 targets.

“No mining industry can remain sustainable without continuously discovering new mineral deposits to replace exhausted resources,” Dolan said.

He concluded:

“Success will create a pipeline of new mines, bringing fresh capital into the country while creating jobs and opportunities for local suppliers and communities. It will also benefit Government through taxes, royalties, export earnings, and wider economic activity.”

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