Mining ZimbabweLatest Mining News, Policy and Industry Updates

Cape Town, South Africa — CBZ Bank Ltd has signed a USD 50 million Trade and Working Capital line of credit with the African Export-Import Bank (Afreximbank) to support export-oriented businesses across Africa. The agreement, signed during the Investing in African Mining Indaba 2025 in Cape Town, is aimed at addressing the short-term trade financing needs of corporates and small-to-medium-sized enterprises (SMEs) in sectors such as mining, agro-processing, energy, manufacturing, tourism, logistics, and services.

By Ryan Chigoche

Phinebous Mutibura, Executive Director of CBZ Bank, announced the development, stating, “Today, CBZ Bank Ltd signed a USD 50 million Trade and Working Capital line of credit with the African Export-Import Bank (Afreximbank) to support corporates and SME entities that are export-oriented in the mining value chain, agro-processing, energy, manufacturing, services, tourism, and logistics, among others, to finance their short-term trade financing requirements.”

This financing initiative is designed to help businesses in critical industries access working capital to maintain and expand their trade operations, contributing to the broader goal of fostering economic growth and integration across Africa.

The initiative comes at a crucial time when suppliers in Zimbabwe’s mining sector have struggled to access long-term financing. Last year, CBZ Bank reported that loans to the mining sector accounted for only 11% of total industry loans in Zimbabwe, compared to 20% for individual loans, highlighting a significant financing gap for the sector.

The credit line will provide businesses with vital liquidity to finance both import and export activities, helping them meet immediate working capital needs and expand their operations.

The agreement was signed during the Investing in African Mining Indaba, a major event that brings together industry leaders, policymakers, and investors to discuss the future of mining in Africa. This year’s theme, “Building Unified African Mining Value Chain: Enhancing Best Practice,” emphasizes strengthening Africa’s mining sector and improving business practices across the continent.

The credit line is expected to significantly impact SMEs, which often face challenges in securing financing due to limited access to capital and collateral. By partnering with Afreximbank, CBZ Bank will offer more flexible and tailored financing options, making it easier for businesses in export-driven industries to grow and thrive.

In support of the mining sector, CBZ Bank announced at Mine Entra last year that it was working on a USD 200 million financing facility through its Enterprise Supply Chain Development (ESD) program. This initiative, designed to support suppliers in the mining sector, underscores the bank’s ongoing commitment to the industry’s growth. This follows the success of a similar arrangement with Mimosa Mining Company, where the bank financed the miner’s supplies through the Local Enterprise Development (LED) program.

Meanwhile, this new credit line aligns with broader efforts to promote intra-Africa trade and economic cooperation, particularly through initiatives such as the African Continental Free Trade Area (AfCFTA). Signed by Zimbabwe and 55 other African Union (AU) member countries along with eight Regional Economic Communities (RECs), the AfCFTA aims to create a single continental market for goods and services. By facilitating the free movement of goods across Africa, it is expected to enhance the competitiveness of intra-African trade and support the growth of export-driven industries.

The USD 50 million line of credit marks the beginning of a broader effort by CBZ Bank and Afreximbank to support trade and business development across Africa. Both institutions have expressed their commitment to exploring further opportunities for financial collaboration, which will be essential for unlocking the continent’s full economic potential.

The appetite for investing in Zimbabwe’s mining sector remains robust, as demonstrated by the overwhelming turnout at the Zimbabwe Mining Indaba, a high-profile dinner hosted by the Zimbabwean delegation on the sidelines of the Investing in African Mining Indaba in Cape Town.

By Rudairo Mapuranga

The event, organized in collaboration with Kuvimba Mining House, attracted over 90 investors, underscoring growing interest in the country’s mining industry, Mining Zimbabwe can report.

Speaking on the sidelines of the dinner, the Minister of Mines and Mining Development, Hon. Winston Chitando, said the appetite for investing in Zimbabwe’s mining sector remains strong, with an encouraging turnout of investors and stakeholders. Chitando highlighted the increasing interest in Zimbabwe’s mineral wealth as the country continues to pursue its goal of becoming an upper-middle-income economy by 2030.

Minister Chitando emphasized the critical role mining plays in Zimbabwe’s economic transformation, noting that investment and productivity are central to achieving the 2030 vision.

“We are on a journey towards the 2030 vision of Zimbabwe becoming an upper-middle-income economy. It’s defined by the income per capita, and for that, we need increased investments and increased productivity,” said Chitando.

The dinner, organized in partnership with Kuvimba Mining House, drew over 90 attendees, including current and potential investors — a turnout Chitando described as “fantastic” and reflective of the robust appetite to invest in Zimbabwe’s mining sector.

“The turnout is fantastic; the appetite for the country and to invest and expand our industry is absolutely great. It’s beautiful to see,” Chitando stated.

The event underscores the increasing momentum Zimbabwe has gained over the years at the Mining Indaba. Reflecting on past experiences, Chitando recalled how few Zimbabweans were involved when he first attended the Indaba in 2005.

“You could count the number of people who were investors and Zimbabweans at the event,” he said. However, he noted that the situation has dramatically improved, with the 2024 event attracting so many participants that organizers had to limit attendance.

“This shows the success of Zimbabwe’s ‘open for business’ mantra and the appetite to invest and grow our economy,” Chitando remarked.

Zimbabwe’s mining sector has been a focal point for international investors, with the government emphasizing the potential for lucrative returns due to the country’s abundant mineral resources. The sector is central to the government’s upper-middle-income economy target by 2030, a goal that has attracted substantial investment in minerals such as gold, platinum, lithium, and diamonds.

In his address, Chitando noted that increased capital is vital to expanding Zimbabwe’s mining operations and enhancing productivity and employment opportunities.

“The focus of today’s event is really interaction with investors — current and potential — to try and get additional capital to expand our industry,” he stated.

As Zimbabwe continues to push for more investment in its mining industry, events like these are crucial in facilitating networking and promoting opportunities within the sector. With the country being open for business and global interest growing, Zimbabwe’s mining industry is poised for sustained growth in the coming years.

In a landmark ruling, the Midlands Special High Court Circuit has sentenced Evans Fungato, a 32-year-old employee of Jinan Mining Company in Gweru, to 20 years in prison for the murder of 23-year-old Kudakwashe Midzi, Mining Zimbabwe can report.

By Rudairo Mapuranga

The incident, which occurred on October 19, 2019, in Dongo B Compound, Shurugwi, highlights efforts to tackle violent crimes in mining communities during the period from 2016 to 2019.

According to the National Prosecuting Authority of Zimbabwe (NPAZ), the tragic event unfolded when Fungato confronted Midzi and his friends, Witness Maroora and Cruise Professor Chandigere, while wielding an axe. Fungato ordered Midzi to stay behind and struck him on the head with the back of the axe, rendering him unconscious. He then attempted to attack Maroora but was disarmed by Chandigere. Midzi was rushed to Shurugwi Hospital and later transferred to Gweru Provincial Hospital, where he succumbed to his injuries on October 27, 2019.

The sentencing of Fungato comes as the Midlands High Court Circuit continues to make significant progress in addressing its backlog of cases, particularly those involving violent crimes in mining communities. In its first week of hearings, the court completed 60 cases, including 24 murder convictions with sentences ranging from 18 years to life imprisonment.

The NPAZ has attributed this progress to the establishment of special circuit courts, authorized by the Chief Justice, which have expedited the resolution of long-pending cases. These courts have been particularly effective in addressing the disproportionately high number of murder cases involving artisanal miners, where disputes over claims and resources often escalate into deadly confrontations.

The mining sector, especially among artisanal miners during the period from 2016 to 2019, saw a surge in violent disputes, often fueled by the use of dangerous weapons such as machetes, axes, and knives. Illegal mining hotspots, which host large numbers of unregulated miners, were becoming notorious for violent altercations, frequently resulting in fatalities.

The NPAZ has emphasized the importance of these special circuit courts in bringing justice to affected families and communities.

“These courts are critical for addressing the backlog of cases and ensuring that perpetrators of violent crimes are held accountable,” the NPAZ stated.

While the special circuit courts have made significant strides in reducing the backlog of cases, the frequency of violent incidents in the mining sector remains a pressing concern. Authorities, including the NPAZ, have called for additional interventions to address the root causes of these disputes and prevent further loss of life.

As Zimbabwe’s artisanal mining sector continues to grow, the need for regulation, conflict resolution mechanisms, and community engagement has become increasingly urgent. The success of the special circuit courts offers hope for a more efficient judicial process and a safer environment for mining communities.