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World Bank Flags Fiscal Dangers Linked to Mutapa’s Influence

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World Bank Flags Fiscal Dangers Linked to Mutapa’s Influence

The World Bank has raised concerns over Zimbabwe’s financial stability, highlighting risks associated with the country’s state-owned enterprises (SOEs) and the recently established Mutapa Investment Fund (MIF).

By Ryan Chigoche

The fund controls all state-owned enterprises, including key parastatals such as Hwange Colliery Company, the National Oil Infrastructure Company of Zimbabwe, and Petrotrade. In addition to these assets, MIF has fully taken over Kuvimba Mining House, Zimbabwe’s largest mining conglomerate, which owns major assets such as Bindura Nickel Corporation, Freda Rebecca Gold Mine, and Great Dyke Investments.

In its latest report, the World Bank noted that the presence of numerous SOEs under MIF presents a significant fiscal risk. “The presence of many SOEs presents a potentially significant and common source of fiscal risks, with government bailouts of troubled SOEs costing the government of Zimbabwe. A new source of fiscal risks emanates from the recently formed Mutapa Investment Fund. While the MIF was recently established with a view of enhancing the government of Zimbabwe’s agility to deal with SOE assets, its governance framework is underdeveloped and results in a potential overlap with other ministries’ legal oversight over SOEs.”

The World Bank further expressed concern that MIF’s ability to act as a spending authority could undermine the national budget process, exposing the government to risks linked to extrabudgetary entities. This cautionary note arrives at a critical moment as Zimbabwe grapples with inefficiencies that continue to plague its SOEs despite years of promised reforms.

In 2018, the Zimbabwean government launched a broad reform agenda aimed at addressing the challenges within its SOEs. This included measures such as liquidation, partial privatization, regulatory transformations, and structural adjustments under various ministries.

However, the expected improvements have not materialized, and these entities remain burdened by poor governance and financial mismanagement, particularly in critical sectors like mining and energy.

The concerns surrounding MIF’s growing influence have intensified, particularly after the fund acquired the remaining 35% stake in Kuvimba Mining House in February 2024 for US$1.6 billion, a transaction financed through Treasury Bills. This amount, equivalent to 5% of Zimbabwe’s GDP, has raised alarms and questions over the valuations.

Moreover, in November 2024, the Zimbabwean government amended the law to grant MIF the authority to use state assets under its control as collateral to secure loans.

Critics argue that this move significantly enhances the fund’s financial autonomy, enabling it to borrow outside the national budget framework and increasing the risk of fiscal mismanagement. The potential for misuse of state resources, combined with the fund’s already questionable governance framework, raises serious concerns about its long-term financial stability.

As Zimbabwe continues to struggle with inefficiencies in its SOEs, the full acquisition of Kuvimba by MIF and the legal amendments granting it greater financial control highlight the need for greater transparency and accountability. Without these reforms, MIF may become a vehicle for unchecked borrowing and mismanagement, further undermining Zimbabwe’s already fragile economic stability.

Overview of the Palm River Energy Metallurgical Special Economic Zone

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Overview of the Palm River Energy Metallurgical Special Economic Zone

The Palm River Energy Metallurgical Special Economic Zone (PREMSEZ), located approximately 20 kilometers west of Beitbridge Town in Matabeleland South Province, marks a significant step in Zimbabwe’s industrial and energy development.

Launched on February 24, 2025, by President Mnangagwa, this ambitious project is driven by Shanxi Xin Gang Nian Metallurgical Group from China. PREMSEZ represents a vital collaboration between Zimbabwe and China, aligning with Zimbabwe’s National Development Strategy 1 (NDS1) and Vision 2030.

  1. Project Scale and Scope

The PREMSEZ initiative involves major industrial and energy components aimed at bolstering both the local and national economy. It is designed to meet the increasing demand for power, steel, and employment opportunities in Zimbabwe while positioning the country as a regional player in industrial production and export.

Key Industrial Outputs:

  • Power Generation: PREMSEZ aims to produce a total of 1,200 megawatts (MW) of electricity, combining thermal power sourced from local coal and renewable solar energy.
  • Coal Production: The project plans to produce 1 million tonnes of thermal coal annually, extracted from the nearby Thuli Coal Mine.
  • Coking Coal: 500,000 tonnes of coking coal will be produced annually to support metallurgical processes within the zone.
  • Steel Production: The carbon and stainless steel plant will yield 1 million tonnes of steel per year, serving both domestic demand and export markets.
  1. Energy Generation Technologies

A core innovation of the PREMSEZ project is its diversified approach to energy generation, integrating multiple sources to provide reliable power for industrial and residential use.

  • Thermal Power Generation: The thermal power plant will use local coal reserves to generate 1,200 MW of electricity. President Mnangagwa mentioned that flue gas desulfurization (FGD) and other emission control technologies will be employed to ensure environmental sustainability. The first phase includes the completion of a 100 MW thermal power plant, expected to deliver 50 MW by March 2025.
  • Solar Power Integration: A hybrid solar power facility will be built alongside the thermal plant to complement the energy mix, contributing to Zimbabwe’s goal of expanding clean energy capacity. The solar power plant will support daytime energy demand and offset reliance on coal during peak sunlight hours.
  • Hydropower Contribution: Although specifics about hydropower were not provided in the initial announcements, the potential for water resource-based power generation could diversify the project’s energy sources, contributing to Zimbabwe’s energy security.
  1. Metallurgical and Steel Production Process

The steel production process at PREMSEZ will use state-of-the-art blast furnace technology in combination with electric arc furnaces to efficiently convert raw materials into different steel grades.

  • Carbon Steel: Primarily used in construction, infrastructure, and manufacturing, carbon steel will meet the growing needs of Zimbabwe’s industrial sector.
  • Stainless Steel: Higher-value stainless steel products will be manufactured for both local and export markets, enabling Zimbabwe to move up the value chain in mineral processing and beneficiation. The project’s strategic location near the South African border facilitates efficient export logistics.
  1. Environmental Considerations and Emission Controls

Given global concerns about climate change and environmental sustainability, PREMSEZ has integrated robust environmental control measures into its operations.

  • Emission Recycling and Waste Reduction: Emissions from the thermal power plants will be captured and repurposed for energy generation, reducing the overall environmental footprint.
  • Carbon Capture and Storage (CCS): Although detailed plans for CCS technologies are yet to be fully outlined, the government has emphasized the importance of reducing greenhouse gas emissions in line with global sustainability goals.
  • Sustainable Mining Practices: As emphasized by President Mnangagwa, the project incorporates sustainable practices by integrating local communities in project planning and decision-making. The company has committed to Corporate Social Responsibility (CSR) initiatives, such as providing clean water, building clinics, and setting up a vocational training program in partnership with local institutions.
  1. Economic Impact and Strategic Importance

The US$3.6 billion investment in the PREMSEZ project is a major boost to Zimbabwe’s economy, offering both direct and indirect employment opportunities. The facility is expected to create thousands of jobs in energy production, mining, steel manufacturing, and ancillary services.

According to President Mnangagwa, by 2030, PREMSEZ will produce:

  • 500,000 tonnes of thermal coal per year,
  • 500,000 tonnes of coking coal,
  • At least 250 MW of power, and
  • 1 million tonnes of steel annually.

PREMSEZ’s proximity to both rail infrastructure and the South African border enhances its strategic importance, facilitating the smooth transport of raw materials and finished products. The zone is poised to become a vital industrial and trade hub for Zimbabwe and its neighbors.

  1. Technology Transfer and Bilateral Cooperation

The partnership between China and Zimbabwe on this project extends beyond infrastructure development to include technology transfer and skills training. President Mnangagwa highlighted the importance of cooperation between Shanxi Engineering Vocational College and Harare Polytechnic to train Zimbabwean students in fields such as metallurgy, mechanical engineering, and electrical engineering. This partnership will ensure that Zimbabweans are well equipped to manage and operate the advanced facilities within PREMSEZ.

Conclusion

The Palm River Energy Metallurgical Special Economic Zone is set to become a cornerstone of Zimbabwe’s industrial and energy landscape. With its diversified energy generation capabilities, state-of-the-art metallurgical processes, and strong environmental safeguards, the project aligns with Zimbabwe’s goals for industrialization and economic growth under Vision 2030. This initiative not only strengthens Zimbabwe’s domestic infrastructure but also positions the country as a regional leader in steel production and energy generation, with significant export potentia

Caledonia launches IT Modernisation at Blanket Mine to Boost Efficiency, Safety

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Caledonia launches IT Modernisation at Blanket Mine to Boost Efficiency, Safety

Zimbabwe gold-focused mining and exploration company Caledonia Mining Corporation has launched a strategic IT modernisation initiative at its flagship Blanket Mine, aimed at creating a data-driven smart mine. The move is expected to enhance operational efficiency, worker safety, and overall productivity while ensuring a more sustainable operation. Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking on the modernisation strategy, Caledonia said the strategy includes the implementation of new technologies aimed at automating processes and enabling real-time data collection, which is crucial for informed decision-making. By leveraging these advancements, Caledonia is positioning Blanket Mine to operate with greater efficiency while ensuring enhanced safety for its workforce.

“The IT modernisation at Blanket Mine involves upgrading and integrating new technologies to improve operating efficiency, ensure employee safety, and boost productivity. This process is aligned with our strategic goals of building a data-driven mine and maintaining sustainable production levels,” the gold miner said.

One key component of the modernisation is the implementation of automated processes within operations. By leveraging real-time data collection, Blanket Mine will improve decision-making and operational performance. Caledonia emphasized that the introduction of cutting-edge technologies would enable the mine to maximise value for shareholders while supporting a sustainable business model.

“We aim to maximise value for our shareholders by increasing efficiency across our operations while reducing costs and environmental impact,” the company stated.

A significant upgrade to Blanket Mine’s infrastructure includes the introduction of biometric access controls. This system requires employees to scan in at the main gate and undergo breathalyser tests upon entry, ensuring strict adherence to safety protocols. Moreover, workers with overdue training or certifications will be notified during clock-in and will not be granted access to the mine until they complete the required training.

In addition, Blanket Mine will install underground clocking points at all shaft entrances and various checkpoints, which will allow management to track the location of employees in real-time. This system will enhance safety by ensuring all workers are accounted for at any given time.

To further improve safety and operational efficiency, Caledonia will deploy advanced surveying tools such as underground scanners and LiDAR technology, which will be used to map underground and surface areas. The data collected from these tools will be transferred to a point cloud system, enabling accurate 3D geological models. The company also plans to use drones to monitor tailings facilities continuously.

“With the introduction of these technologies, we are enhancing our ability to manage geological models, ensuring better accuracy and efficiency in our mining processes,” Caledonia added.

In terms of workforce development, Caledonia is prioritising the upskilling of employees. A new IT training room has been built at Blanket Mine, and a learning management system will be used to deliver flexible, online training to employees. This initiative ensures that workers can balance their job responsibilities with continuous learning and skill enhancement.

Caledonia highlighted the importance of building a platform for consolidated reporting, which will provide real-time dashboards for monitoring and decision-making.

“The modernisation of technologies and processes within Blanket Mine will contribute to our long-term goals of maintaining production at around 75,000 to 80,000 ounces and becoming a multi-asset gold producer in Zimbabwe,” the company said.

With this IT modernisation initiative, Caledonia Mining Corporation is demonstrating its commitment to boosting operational efficiency, improving safety, and ensuring a sustainable future for Blanket Mine. By adopting these innovative technologies, the company is setting the stage for continued growth and success.

Invictus’ Conservation Efforts Save Zimbabwe’s Wildlife and Forests

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Invictus’ Conservation Efforts Save Zimbabwe’s Wildlife and Forests

 

While Invictus Energy is making strides toward becoming a major energy producer in Sub-Saharan Africa, the company is demonstrating that its commitment extends beyond energy exploration. With its Cabora Bassa in Muzarabani showing significant gas-condensate potential, Invictus is setting the standard for responsible environmental, social, and governance (ESG) practices in the country, Mining Zimbabwe can report.

By Rudairo Mapuranga

A core element of Invictus’ strategy is ensuring that its work does not come at the expense of Zimbabwe’s rich biodiversity and local communities. Through its proactive conservation and sustainability initiatives, the company has made substantial contributions to protecting wildlife, reducing deforestation, and supporting local communities, all while advancing its energy production goals.

In 2022, Invictus entered a 30-year partnership with the Forestry Commission of Zimbabwe (FCZ) to protect 300,000 hectares of indigenous forests near Hwange National Park under the NGS REDD+ project. This collaboration focuses on vital conservation efforts, including anti-poaching initiatives, fire prevention strategies, and reforestation programs, all aimed at preserving Zimbabwe’s natural heritage.

One of the most significant threats to these protected forests has been wildfires, which have devastated the region for over a decade. According to Invictus Field Operations Supervisor Garth Pritchard, the wildfires, exacerbated by ongoing drought, posed a grave risk to wildlife and the ecosystem.

“There have been constant fires every year over the last decade, and it’s devastated the forests. Local authorities didn’t have the resources to respond to those fires adequately, so they just burned out of control. We realised if we didn’t do anything, it was going to be a disaster,” said Pritchard.

To tackle this issue, Invictus, in partnership with the FCZ, embarked on an extensive fire prevention campaign, clearing roads and establishing fire breaks—referred to as fire guards in Zimbabwe—across the region. These measures proved instrumental in preventing wildfires in 2024, marking the first time in six years that the area remained fire-free.

“These forests are home to iconic African animals, such as elephants, lions, and buffalo,” Pritchard added. “Due to the fire guards and road-clearing efforts, thousands of animals were saved, and wildlife could move freely between parks and forests with better access to food and water.”

The positive impact of these initiatives extends beyond conservation. Businesses in the region have also benefited from Invictus’ efforts. Mark Butcher, Managing Director of Imvelo Safari Lodges in Hwange, praised the company’s role in preventing wildfires, emphasizing that without their intervention, thousands of animals, including elephants, would have been lost.

“We dodged a bullet in southern Hwange this year – the work Invictus did last year was instrumental in ensuring that the forests didn’t burn down again, which saved thousands of elephants,” Butcher said.

In addition to fire prevention, Invictus has tackled another pressing issue: wood poaching. Poachers target valuable trees in protected forests, contributing to deforestation and habitat destruction. Invictus’ road-clearing programs have inadvertently helped in combating poaching activities by enabling authorities to intercept illegal loggers.

“Burning these fire guards allows us to intercept these poachers and protect the forests,” Pritchard explained.

Community engagement is another cornerstone of Invictus’ conservation efforts. The company actively involves local communities in its sustainability projects, holding numerous information sessions to raise awareness about conservation and offer alternatives to the use of forest resources for firewood and grazing.

“We focus on three pillars – educate, empower, and protect – to educate the community and school students, empower communities to help, and then encourage them to continue protecting the forests,” said Invictus Country Manager Barry Meikle.

One of the long-term goals of the NGS REDD+ program is to generate measurable environmental benefits, including carbon emission reduction credits. While the development of carbon credits is a future opportunity, Meikle highlighted that Invictus is also exploring the emerging field of biodiversity credits to further enhance conservation efforts.

“Although the biodiversity credits industry is still in its infancy, I would like to see us focused on developing these credits,” Meikle said, stressing the importance of protecting ecosystems as part of the company’s long-term vision.

Looking ahead, Invictus plans to expand its sustainability initiatives by introducing projects such as community nutritional gardens, rotational grazing systems, and a recycling program aimed at addressing Zimbabwe’s plastic waste problem.

“We are trying to encourage recycling – we have a real problem with waste in Zimbabwe. We would love to clear all the roads of plastic bottles,” Meikle said.

Through its robust ESG programs, Invictus Energy has demonstrated that sustainable energy development can go hand in hand with environmental conservation. By prioritizing initiatives like anti-poaching, fire prevention, and reforestation, the company is setting a benchmark for responsible business practices in Zimbabwe’s energy sector, ensuring that both nature and the economy thrive together.

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Gold buying prices per gram in Zimbabwe 26 February 2025

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Gold buying prices per gram in Zimbabwe 26 February 2025

Gold buying prices per gram in Zimbabwe today 26 February 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$89.11g
SG ABOVE 85% BUT BELOW 90% US$88.17g
SG ABOVE 80% BUT BELOW 85% US$87.23/g
SG ABOVE 75% BUT BELOW 80% US$86.29/g
SAMPLE BELOW 10g BUT ABOVE 5g US$84.87/g

Fire Assay CASH $89.59/g

NB: Fire Assay cash price is for gold above 100gs, no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
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 25 February 2025

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Gold buying prices per gram in Zimbabwe 25 February 2025

Gold buying prices per gram in Zimbabwe today 25 February 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$89.07g
SG ABOVE 85% BUT BELOW 90% US$88.13g
SG ABOVE 80% BUT BELOW 85% US$87.19/g
SG ABOVE 75% BUT BELOW 80% US$86.25/g
SAMPLE BELOW 10g BUT ABOVE 5g US$84.83/g

Fire Assay CASH $89.54/g

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

Invictus Energy Faces Investor Skepticism as PPSA Delays Continue to Hinder Progress

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Invictus Energy Faces Investor Skepticism as PPSA Delays Continue to Hinder Progress
Australia Stock Exchange listed oil and gas exploration junior Invictus Energy which is exploring oil and gas in northern Zimbabwe’s Cabora Bassa Basin (Muzarabani-Mbire) is poised for a potentially transformative 2025, according to Managing Director Scott Macmillan. However, investors and stakeholders are growing increasingly skeptical about the company’s progress as delays in executing the Petroleum Product Sharing Agreement (PPSA) between Invictus and the Zimbabwean government persist, Mining Zimbabwe can report.
By Rudairo Mapuranga
In his latest outlook for 2025, Macmillan outlined ambitious plans, including the advancement of the Mukuyu gas-to-power project, further exploration drilling, and a board visit to progress key initiatives. Yet, these updates have been met with frustration from stakeholders who are impatient for the finalization of the PPSA, which is seen as the cornerstone for ensuring the equitable sharing of value generated from the Cabora Bassa Project.
While Invictus Energy achieved significant exploration success in 2023, including two major gas discoveries at the Mukuyu field, the continued delay in finalizing the PPSA has cast a shadow over these milestones. The agreement, once executed, will not only secure long-term revenue-sharing terms for the Zimbabwean government but also unlock the regulatory framework needed to advance the country’s nascent oil and gas sector.
One stakeholder vented their frustration, commenting, “Blah, blah, blah – heard it all before. It is all about the PPSA. Nothing else matters right now.” Another echoed similar sentiments, “WHERE IS THE PPSA???? ALL TALK NO ACTION.”
The lack of tangible progress on the PPSA has sparked concerns about investor returns. One shareholder expressed their frustration, stating, “That outlook doesn’t include a return for investors!” The mounting skepticism highlights the increasing pressure on Invictus to deliver results beyond exploration success.
In response to the growing frustration, Macmillan has reassured stakeholders that the company is on the verge of finalizing the PPSA, calling the completed review by external European legal counsel a “major milestone” for Invictus. He emphasized that the PPSA would provide the robust governing framework necessary to ensure the long-term success of the Cabora Bassa Project.
“Once executed, the PPSA will ensure the long-term success of the Cabora Bassa Project, which has the potential to address the region’s growing demand for a reliable energy source,” Macmillan said.
The agreement, which will be key in attracting strategic partnerships and farm-out opportunities, is expected to be a game-changer for Zimbabwe’s energy security.
Looking ahead, Invictus Energy has a busy year planned, with Macmillan outlining several key initiatives, including the Masuma 1 well as the company’s next major exploration effort. This well will target the Dande play in eastern Cabora Bassa, which is estimated to have a recoverable prospective resource of over 1 trillion cubic feet (Tcf) of gas and 73 million barrels of condensate.
In tandem with exploration activities, the company is pushing forward with its pilot gas-to-power project to provide energy to the nearby Eureka Gold Mine. This project is critical for Invictus, as it offers an opportunity to demonstrate the commercial viability of Zimbabwe’s fledgling gas industry.
Despite the ambitious plans, the unresolved PPSA remains a sticking point, and stakeholders are growing weary of the delays. Macmillan has promised to keep investors updated as the company continues to push for the execution of the PPSA and other key milestones in 2025.
While there is optimism about Invictus Energy’s long-term potential, many stakeholders remain focused on immediate concerns. As one shareholder bluntly put it, “Looking a bit tired of talking.” The general sentiment among investors suggests that action, particularly on the PPSA, is needed sooner rather than later to maintain confidence in the company’s trajectory.
The Cabora Bassa Project holds significant promise, with Invictus positioning itself as a major player in Zimbabwe’s energy landscape. However, the road to success will require navigating regulatory hurdles, securing strategic partnerships, and, most importantly, delivering on investor expectations.
As 2025 is ongoing, all eyes remain on whether Invictus can turn its exploration success into tangible commercial progress, starting with the long-awaited PPSA.

Zimplats Enhances Human Rights Practices Through MoU with Zimbabwe Republic Police

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Zimplats Enhances Human Rights Practices Through MoU with Zimbabwe Republic Police
Zimplats, Zimbabwe’s leading platinum group metals producer, has taken a significant step in strengthening its human rights practices by establishing a Memorandum of Understanding (MoU) with the Zimbabwe Republic Police (ZRP).
By Ryan Chigoche
This agreement outlines the expected conduct for public security personnel interacting with Zimplats’ operations and surrounding communities, aiming to bridge the existing gap in human rights practices between the police and mining operations, ensuring respectful and lawful interactions.
This development  follows a comprehensive gap analysis commissioned by Implats, Zimplats’ parent company, to align security practices across all Group-managed sites with the Voluntary Principles on Security and Human Rights (VPSHRs).
The analysis focused on all Group-managed sites in the Southern Africa region, including Zimplats with the aim to identify the VPSHR-relevant management systems, processes, and practices of site-level private and public security providers, and to better understand site-level security risk exposure.
According to the company high-level outcomes from the gap analysis so far indicates that site-level private security providers’ practices are strongly aligned with the VPSHRs.
However, the alignment to the VPSHRs by public security forces, including the South African Police Service and the Zimbabwe Republic Police Services, is relatively weak. As a result the problem is investigating potential opportunities to share materials and training on VPSHRs with public security personnel.
These efforts are expected to positively impact Zimplats’ operations and its relationship with local communities. By fostering a culture of respect and accountability, Zimplats aims to mitigate potential human rights incidents and enhance its reputation as a responsible corporate entity.
As a going concern Zimplats in its committment to continuous improvement in its human rights practices the company plans to conduct an analysis of its human rights initiatives, with findings scheduled for completion in 2025.
This analysis will inform future strategies to further integrate human rights considerations into its operations.

Manhize Steel Plant Faces Environmental Backlash Over Coal Power Dependence

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Manhize Steel Plant Faces Environmental Backlash Over Coal Power Dependence
Zimbabwe’s ambitious Manhize Iron and Steel Plant in Mvuma, owned by China’s Dinson Iron and Steel Company, is drawing scrutiny for its environmental impact. While the $1.5 billion project, which aims to produce 1.2 million tonnes of steel annually, promises to boost industrial growth and steel exports, a recent report by South African Resource Watch warns that its heavy reliance on coal-generated power will significantly increase the country’s greenhouse gas (GHG) emissions.
By Ryan Chigoche
Steel production is an energy-intensive process, and Manhize’s furnaces will mainly depend on Hwange’s coal-generated electricity and coke to remove oxygen from iron ore.
This approach will substantially increase carbon emissions, missing an opportunity for Zimbabwe to produce ‘green steel’ using clean energy sources. Given Zimbabwe’s vast potential for renewable energy, particularly solar power, the report urges the government to incentivize investors to adopt renewable energy in steel production adding that doing so would align with the country’s Nationally Determined Contributions (NDC) commitments to cut emissions by 40% by 2040.
“This is a missed opportunity for Zimbabwe to produce ‘green steel’ produced using clean energy, significantly reducing GHG emissions and mitigating environmental impact and global warming. Given the abundance of solar potential in Zimbabwe, the use of renewable energy is a possibility that the country must incentivise investors to adopt if it is to meet its NDC commitments to cut emissions by 40 per cent by 2040.”  the organization said.
International examples offer valuable insights for Zimbabwe. Sweden’s Hydrogen Breakthrough Ironmaking Technology (HYBRIT) project a collaboration between SSAB, LKAB, and Vattenfall aims to produce steel using hydrogen and renewable electricity. Similarly, H2 Green Steel, another Swedish initiative, plans to launch a large-scale, fossil-free steel plant in 2024. ArcelorMittal’s Smart Carbon and Innovative DRI projects also employ hydrogen-based reduction and carbon capture technologies to lower emissions. These approaches demonstrate how transitioning to green steel is both feasible and economically viable.
The report also highlights the potential for Zimbabwe to collaborate regionally. While hydrogen is not currently a key focus in Zimbabwe’s industrial strategy, neighboring countries such as Namibia and South Africa are developing export-oriented green hydrogen economies.
According to SARW Zimbabwe could integrate into this regional renewable energy supply chain through SADC cooperation and intra-African trade under the African Continental Free Trade Area (AfCFTA), positioning itself as a sustainable steel producer.

Unlike South Africa, which has incorporated Carbon Capture, Utilization, and Storage (CCUS) in its Integrated Resource Plan (IRP) 2023 to mitigate coal reliance, Zimbabwe has yet to explore this technology.

 In the steel sector, CCUS captures CO2 emissions before they enter the atmosphere, storing them underground or repurposing them for industrial use. Incorporating such technologies could support Zimbabwe’s transition toward greener steel production while maintaining economic viability.

As a going concern, the report underscores that decarbonizing Zimbabwe’s steel industry presents both a challenge and an opportunity. While the Manhize Iron and Steel Plant is a major industrial project, its reliance on coal-based energy contradicts global sustainability trends.

By embracing renewable energy and adopting green hydrogen and CCUS technologies, Zimbabwe could align itself with global sustainability efforts and secure new market opportunities for green steel.

Kavango Sees Major Growth Potential for Hillside Gold Project with Modern Exploratio

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Kavango Sees Major Growth Potential for Hillside Gold Project with Modern Exploratio
London Stock Exchange-listed mining and exploration junior Kavango Resources is on the verge of transforming the Hillside Gold Project in Filabusi, as the company embarks on a series of modern exploration initiatives to unlock the site’s full potential, Mining Zimbabwe can report.
By Rudairo Mapuranga
Speaking in a recent interview, CEO Ben Turney highlighted the project’s promising outlook, with significant improvements planned for 2025 and beyond.
Turney emphasized that Hillside, a 440-hectare block, encapsulates the vast opportunities that exist in Zimbabwe for modern exploration, particularly in the small-scale mining sector. The site, which has largely relied on outdated technology, offers Kavango a unique opportunity to apply international standards and introduce state-of-the-art mining practices to maximize gold production.
At present, Hillside produces around 1.5 kilograms of gold per month, generating over $100,000 in revenue. This production level is the result of small-scale operations that use 130-year-old stamp mills, a common sight in Zimbabwe’s artisanal mining sector. Despite these limitations, the company has made significant progress since beginning operations in March 2024.
Turney noted that even with these basic operations, Kavango has quickly demonstrated what is possible in Zimbabwe. With minimal capital expenditure, the company is already preparing to boost production further.
“Our immediate target is to increase production to between 3 to 5 kilograms per month by the first quarter of next year,” Turney said. “This will be achieved by operationalizing the 5-stamp mill, improving underground safety, and conducting proper underground development.”
Kavango’s vision for Hillside goes far beyond short-term gains. The company plans to install a 100-tonne-per-day processing plant sourced from South Africa by the end of Q2 2025. This modern facility will vastly improve the efficiency and scale of operations, with projections showing a potential monthly output of between 12 to 15 kilograms of gold once the plant is operational.
Turney explained that upgrading the plant, coupled with the development of underground mining capabilities, could cost the company around $2.5 million in total. This investment, which includes underground development and plant construction, will enable the company to triple its production by mid-2025.
“We expect to hit a major inflection point at this stage,” Turney added. “By that point, we’ll become profitable at the PLC level, covering all our costs in Zimbabwe and Botswana, and generating surplus revenue.”
Hillside serves as a key strategic asset for Kavango Resources, demonstrating the company’s ability to apply modern exploration techniques to small-scale projects and capitalize on Zimbabwe’s rich mineral resources. Turney highlighted the broader significance of this project, noting that the success at Hillside could be a model for future gold production projects across the country.
“Our work at Hillside encapsulates what’s possible in modern Zimbabwe,” Turney said. “We have the infrastructure, the workforce, and the opportunity to introduce international mining practices that will unlock large-scale gold production in a capital-constrained environment.”
With modern exploration, increased production capacity, and further capital investment, Kavango is well-positioned to transform Hillside into a leading gold production site in Zimbabwe, laying the foundation for long-term profitability and growth.
As Kavango continues to execute its ambitious plans for Hillside, the company’s ability to scale operations, modernize infrastructure, and achieve profitability will set it apart from other exploration companies in Zimbabwe and the wider region. By harnessing the site’s untapped potential, Kavango aims to bring Hillside to the forefront of Zimbabwe’s gold production industry by 2025.
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