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Gold buying prices per gram in Zimbabwe, 30 May 2025

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Gold buying prices per gram in Zimbabwe, 30 May 2025

Gold buying prices per gram in Zimbabwe today, 30 May 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$100.63/g.
SG ABOVE 89% BUT BELOW 90% US$99.57/g.
SG ABOVE 80% BUT BELOW 85% US$98.50/g.
SG ABOVE 75% BUT BELOW 80% US$97.44/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$95.84/g.

Fire Assay CASH $101.17/g.

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

ZIMRA Vows to Clear VAT Refund Backlog Amid Miner Tax Grievances

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ZIMRA Vows to Clear VAT Refund Backlog Amid Miner Tax Grievances

The Zimbabwe Revenue Authority (ZIMRA) has pledged to clear its long-standing backlog of value-added tax (VAT) refunds, a move likely to be welcomed by the mining sector, which has consistently raised alarm over the burden of over-taxation and delayed reimbursements, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking at the 2025 Chamber of Mines Annual Mining Conference and Exhibition held in Victoria Falls last week, ZIMRA’s Commissioner of Domestic Taxes, Misheck Gova, acknowledged the fiscal frustration of many mining houses and confirmed that significant progress had been made in clearing outstanding refunds.

“We had a backlog of refunds, but we have put our foot on the pedal and we are almost there now,” Gova said. “We understand that refunds are critical for operational cash flows, and the authority is committed to timely reimbursements moving forward.”

ZIMRA’s statement comes at a time when players in the mining sector — especially small- to medium-scale producers — have lamented what they describe as a harsh and often confusing tax framework, which includes withholding taxes, royalties, income tax, customs duties, and capital gains tax.

Industry players have repeatedly pointed out the difficulty of operating viably under a system where tax burdens are compounded by delays in receiving refunds and forex surrender requirements that are mismatched with market realities.

In previous statements, miners have cited VAT refunds as a key barrier to growth. Many claim they are forced to delay exploration or procurement of inputs due to locked-up funds, contributing to reduced production and layoffs in an already strained economic environment.

The Chamber of Mines and Zimbabwe Miners Federation (ZMF) have expressed concern that while formal miners are expected to comply with a complex tax regime, the informal and unregulated sector continues to grow, often escaping formal tax scrutiny. This discrepancy, miners argue, further distorts the playing field.

Gova admitted that revenue contributions from the mining sector have been on the decline despite the sector enjoying several fiscal incentives and concessions.

“From a comparative analysis, the contribution of the sector to total tax revenues in USD terms has gone down to about 18%. In ZIG, it’s even lower at around 8%,” he said.

He added that despite concessions — such as the deductibility of royalties, capital expenditure allowances, zero-rated VAT on some goods, and special mining lease benefits — tax compliance pain points remain. These include informalisation, commodity price manipulation, transfer pricing, illicit financial flows, and climate-related risks.

In an effort to address these, ZIMRA has adopted a more sector-focused approach by categorising miners according to minerals, such as lithium and gold, and dedicating specialised audit teams. The authority has also recruited industry-specific experts from the Ministry of Mines to improve auditing and taxpayer engagement.

A notable legislative shift has also been the recognition of royalties as a tax-deductible expense, something miners had long pushed for.

“We used to deny those claims, but due to legislative amendments, we now allow royalties to be deducted, which obviously impacts tax revenue,” Gova explained.

Gova further highlighted ZIMRA’s adoption of digital solutions like the Tax and Revenue Management System (TAMS), which now automates processes such as tax clearance issuance and improves overall taxpayer compliance efficiency. High-speed X-ray scanners have also been deployed at border posts to enhance customs clearance and detect contraband.

Despite these improvements, miners maintain that until refund delays and forex constraints are resolved, the sector’s contribution to Vision 2030 will remain limited.

As Zimbabwe aims to grow its economy into an upper-middle-income status by 2030, the sustainability of its resource-based revenue model hinges not only on mineral production but also on the government’s ability to maintain fair, predictable, and responsive tax policies. Miners hope ZIMRA’s new refund drive is more than just talk — and that action will follow swiftly.

Four Illegal Miners Die in Pickstone Mine Tragedy

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Four Illegal Miners Die in Pickstone Mine Tragedy

Four illegal miners lost their lives in the early hours of Tuesday, 28 May 2025, following a tragic incident at Pickstone Peerless Mine in Chegutu, owned by Dallaglio Investments (Pvt) Ltd.

The fatal accident occurred after a group of approximately 30 individuals unlawfully entered the open pit mine and detonated an unauthorised blast, causing a collapse that trapped five people.

In an official statement, Dallaglio Investments confirmed the fatalities and expressed deep sorrow over the loss of life.

“Dallaglio Investments (Pvt) Ltd. regrets to announce the tragic and untimely deaths of four individuals who were involved in illegal mining activities in an open pit at Pickstone Peerless Mine,” the company said. “Upon receiving an alert regarding the incident, our emergency response team was immediately deployed to the scene. One person was successfully rescued alive, while, regrettably, four were recovered deceased.”

The Zimbabwe Republic Police (ZRP) also confirmed their presence at the scene, where they assisted in the recovery and transfer of the deceased to ZRP Chegutu.

“The ZRP promptly attended the scene and facilitated the transfer of the deceased to ZRP Chegutu,” Dallaglio noted.

The mining company has issued a stern warning to local communities, urging them to avoid illegal mining practices, particularly those involving explosives, which pose grave dangers.

“Dallaglio strongly urges all community members to prioritize their safety and refrain from entering mine sites unlawfully or engaging in illegal mining activities, particularly those involving explosives. Such actions pose severe risks to life and undermine community well-being,” the statement read.

As the mining sector continues to grapple with the challenges posed by illegal operations, Dallaglio reaffirmed its commitment to supporting community awareness and collaborating with law enforcement to prevent further tragedies.

“Our thoughts are with the families affected by this loss. We remain committed to working closely with law enforcement and community leaders to enhance awareness around mine safety and prevent future occurrences.”

This incident adds to a troubling pattern of fatalities linked to illegal mining activities across Zimbabwe, highlighting the urgent need for increased safety education, law enforcement, and alternative livelihood strategies for artisanal miners.

Gold buying prices per gram in Zimbabwe, 29 May 2025

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Gold buying prices per gram in Zimbabwe, 29 May 2025

Gold buying prices per gram in Zimbabwe today, 29 May 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$100.28/g.
SG ABOVE 89% BUT BELOW 90% US$99.22/g.
SG ABOVE 80% BUT BELOW 85% US$98.16/g.
SG ABOVE 75% BUT BELOW 80% US$97.10/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$95.51/g.

Fire Assay CASH $100.81/g.

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

Gold Surge Slashes Zimbabwe’s April Trade Deficit as Mining Drives Gains

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Gold Surge Slashes Zimbabwe’s April Trade Deficit as Mining Drives Gains

Zimbabwe recorded its first trade deficit contraction in 2025, largely due to the strong performance of the mining sector, particularly gold and nickel exports, which offset declining imports.

By Ryan Chigoche

According to newly released Zimstat data, the country’s trade deficit narrowed sharply to US$118.7 million in April 2025, a 49.5% decline from the US$235.2 million registered in March. This marks the first monthly contraction in the trade deficit this year, following a persistent widening trend since January.

A contraction in the trade deficit means that the gap between imports and exports has narrowed, often due to increased export earnings, reduced imports, or a combination of both. This signals improved trade performance and can ease pressure on foreign currency reserves.

The improvement in trade performance was underpinned by a surge in mineral exports, with gold and nickel mattes leading the way. Export earnings rose sharply, while imports dipped for the second consecutive month.

A key driver of the gold boom is the escalation of global geopolitical tensions, which has prompted investors to seek safe-haven assets like gold. As a result, gold prices soared to a historic high of US$3,500 per ounce in April, providing a windfall for Zimbabwe’s gold producers.

Gold output for April surged to 3.82 tonnes, the highest monthly total since December 2021, when 4.3 tonnes were produced. This production boost translated into US$303.9 million in gold export revenues, making it the second-highest monthly figure in the country’s history, after the US$361 million recorded in November 2024.

In addition to gold, nickel mattes—another critical mining export—played a key role in lifting export earnings. These gains reflect the continued importance of mineral commodities in sustaining Zimbabwe’s economy.

Total exports for April reached US$662.6 million, with the United Arab Emirates (49.8%), South Africa (24.0%), and China (15.9%) emerging as the top three destinations. Together, these countries accounted for approximately 90% of the total export value, reaffirming the strategic importance of Zimbabwe’s mineral trade with key global partners.

On the import side, Zimbabwe saw a 4.5% decline in April, with total imports falling to US$781.3 million from US$818.3 million the previous month. This was largely due to a steep 43% drop in maize imports, which fell from US$686.9 million to US$393.3 million.

Other key declines included soya bean oil and commercial vehicle imports. However, import expenditure shifted toward petroleum oils, machinery, and cereal inputs that are often essential for industrial operations, including mining, indicating a reallocation of resources rather than a broad-based decline in demand.

Despite this positive shift in the trade balance, Zimbabwe’s mining sector continues to grapple with structural challenges.

Restrictions on selling gold directly to the London Bullion Market limit earnings potential and increase costs for local producers. Additionally, persistent electricity shortages compel mining firms to rely on expensive backup power, pushing up operational costs and constraining productivity.

To sustain and build upon the recent gains, the government needs to implement a series of targeted reforms.

Ensuring a consistent electricity supply to mines is essential, as is reducing tax burdens and streamlining regulatory procedures to create a more competitive operating environment.

Addressing gold smuggling—estimated to be costing the country billions annually—is also vital, along with reconsidering gold surrender requirements, which many in the industry view as overly punitive.

Gold remains Zimbabwe’s most important export commodity, accounting for roughly one-third of export earnings and contributing around 60% of the country’s foreign currency inflows.

The sector is supported by both large-scale miners, such as Kuvimba Mining House, Padenga Holdings, and Freda Rebecca, and by thousands of artisanal and small-scale miners whose collective output forms a significant share of total gold production.

Supporting both groups through improved access to finance, better infrastructure, and more inclusive policies will be crucial to boosting national output.

In line with this, ZimTrade aims to grow Zimbabwe’s exports by at least 10% annually, targeting US$14 billion by 2030.

Given mining’s dominant share of foreign exchange earnings, the sector is expected to be a cornerstone of this strategy and of broader efforts to transition Zimbabwe into an upper-middle-income economy.

The Zimstat April trade data signals what is possible when mining thrives, but sustaining this momentum will depend on addressing long-standing bottlenecks and fostering an enabling environment for miners at all levels.

Anglo to Relinquish Control of Unki as Valterra Goes Independent

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Anglo to Relinquish Control of Unki as Valterra Goes Independent

Unki Mine will next week officially become part of a fully independent entity, as Anglo American Plc prepares to relinquish control of its platinum business, marking a significant shift in southern Africa’s platinum group metals (PGM) landscape, Mining Zimbabwe can report.

By Rudairo Mapuranga

The London-based mining heavyweight will distribute its controlling stake in the Johannesburg-listed Valterra Platinum—formerly Anglo American Platinum (Amplats)—to shareholders, completing a corporate restructuring first announced in May. This move comes as part of Anglo’s broader strategy to streamline operations by exiting PGMs, coal, nickel, and diamonds, to focus more intently on copper and iron ore.

Unki Mine, Anglo’s flagship Zimbabwean PGM asset, is one of Valterra’s crown jewels. Nestled in the Great Dyke, the mine has become a symbol of operational efficiency in Zimbabwe’s mining sector. With its mechanised operations and a growing reputation for delivering steady returns, Unki remains a critical contributor to Valterra’s long-term strategy and global supply footprint.

Valterra Platinum, now the world’s fourth-largest PGM producer, will take on the challenge of navigating a future clouded by PGM price volatility and structural shifts in demand. The company inherits an industry under pressure: palladium and rhodium prices have slumped 43% and 56%, respectively, since early 2023, drastically reducing revenues from the highs seen in the early 2020s.

Despite those headwinds, Valterra insists it is built to weather the storm. CEO Craig Miller has met with over 90% of Anglo’s shareholders and says the majority intend to hold or even increase their stakes. This level of confidence, he argues, underscores belief in the resilience of Valterra’s assets and management.

Anglo American will retain a 19.9% stake in Valterra for now, partly to reduce potential “flowback” from foreign investors who may see the demerger as an increased risk. Valterra has also secured a secondary listing on the London Stock Exchange to broaden its investor appeal.

The newly independent miner controls about 30% of the world’s known PGM reserves, with major operations in South Africa and Zimbabwe. Among its standout assets are the Mogalakwena Mine—a low-cost, high-margin operation with more than 80 years of mine life—and the Unki Mine, which continues to provide stability and solid returns despite global market uncertainties.

However, the broader outlook for PGMs is still being shaped by the energy transition. Catalytic converters, which accounted for about two-thirds of PGM demand in 2024, are increasingly threatened by the rise of electric vehicles. Palladium, in particular, is exposed—about 80% of global demand comes from internal combustion engines, and the metal comprises around 40% of Valterra’s output.

To mitigate this, Amplats—and now Valterra—have been investing heavily, over $500 million in recent years, to develop new uses for PGMs. These include hydrogen-powered transport, cloud-based technologies, and food preservation systems. The company has even backed innovations in electric vehicle battery design that incorporate palladium to reduce weight and improve efficiency.

Despite the uncertain terrain, there is cautious optimism. Major investors like South Africa’s Public Investment Corporation, BlackRock, and Invesco have all recently increased their stakes in Valterra, suggesting a growing belief that PGM prices are approaching a floor. Platinum prices, notably, have already rebounded over 20% in 2024, as the market continues to tighten.

“PGM prices are unsustainably low,” one institutional investor recently noted. That sentiment is echoed by UBS analysts, who highlighted Valterra’s more mechanised and higher-margin operations as key strengths in navigating this period of adjustment.

For Unki Mine and its stakeholders in Zimbabwe, the demerger could mark a new chapter—one of a more tailored strategy and direct investment by a management team laser-focused on PGMs. Valterra’s leadership, including Executive Head of Marketing Hilton Ingram, remains bullish on hybrid vehicle demand propping up PGM use for longer than previously forecast.

“We believe catalysed vehicles will retain market share for longer,” said Ingram earlier this year. CEO Craig Miller added, “The deficits we see in the market and our positive long-term outlook give us confidence that PGM prices will rebound.”

As Valterra officially steps into the spotlight, Unki Mine will play a pivotal role in grounding the company’s Zimbabwean operations in solid, long-term value. For the local mining sector, it is yet another indication that Zimbabwe remains a relevant and strategic player in the global PGM value chain.

Karo Building US$5 Million Dam Project Set for 2026 Commissioning

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Karo Building US$5 Million Dam Project Set for 2026 Commissioning
Karo Platinum’s Environmental and Social Governance (ESG) arm is constructing a US$5 million dam to support sustainable water supply and biodiversity protection in its platinum mining concession in Mhondoro-Ngezi, with commissioning scheduled for the first quarter of 2026, Mining Zimbabwe can report.
By Rudairo Mapuranga 
The Chirundazi Dam project, a critical component of Karo Platinum’s long-term ESG strategy, is already under construction and is expected to benefit both mining operations and surrounding communities.
Speaking to a delegation of visiting financial institutions at the Karo site earlier this week, the company’s ESG Manager, Antony Njaya revealed that the project is not only a water infrastructure development but also an example of responsible environmental stewardship and community integration.
“Currently, we are building Chirundazi Dam, which is a US$5 million project,” said Njaya. “The construction is being done in full compliance with national standards, and unskilled and semi-skilled labour is being sourced entirely from the local community. This project is about much more than just water — it’s about sustainability and inclusion.”
Njaya explained that Karo is committed to supporting local procurement and has allocated various small projects within the larger dam development to community-based enterprises. These small-scale enterprises are being encouraged to register and formalise their operations so they can participate in future procurement opportunities.
Beyond economic inclusion, Karo has taken a proactive approach to conservation and environmental management. As part of preparations for the dam’s construction, the company relocated 5,200 aloe plants — a species protected under Zimbabwean law — into a dedicated seedbed area in partnership with the Zimbabwe Parks and Wildlife Management Authority.
“The aloe species is on the verge of extinction, and it’s classified as protected by National Parks. Before construction began, we created a seedbed and transplanted all identified plants to preserve them,” Njaya said.
Environmental research ahead of the project also flagged the possible presence of Kariba tilapia, a rare and endangered species of brimfish. Karo has initiated DNA testing to verify the fish’s identity and assess the feasibility of future fish farming in the dam.
“We would want to do fish farming in the dam, but if the fish is confirmed to be Kariba tilapia, then we’ll need to develop sustainable aquaculture practices that do not compromise their survival,” said Njaya.
The ESG manager also highlighted Karo’s efforts in monitoring emissions, managing waste, and ensuring resource efficiency across its operations. “Whatever we clear, we need to replace. Whatever we use and emit, we must account for it,” he noted.
Chirundazi Dam will become one of the most significant ESG-led mining infrastructure projects in Zimbabwe, designed to benefit both the mine and the community. The dam will support the Karo Platinum project’s water requirements while creating opportunities for community water access, small-scale irrigation, and aquaculture.
Set for completion and commissioning in Q1 of 2026, the Chirundazi Dam project is not just about operational sustainability — it reflects Karo’s broader commitment to environmental preservation, community development, and long-term shared value.

Gold buying prices per gram in Zimbabwe, 28 May 2025

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Gold buying prices per gram in Zimbabwe, 28 May 2025

Gold buying prices per gram in Zimbabwe today, 28 May 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$100.16/g.
SG ABOVE 89% BUT BELOW 90% US$99.10/g.
SG ABOVE 80% BUT BELOW 85% US$98.04/g.
SG ABOVE 75% BUT BELOW 80% US$96.98/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$95.39/g.

Fire Assay CASH $100.69/g.

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

DISCO Calls for Urgent Repeal of Obsolete 1942 Iron and Steel Act

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DISCO Calls for Urgent Repeal of Obsolete 1942 Iron and Steel Act

The CEO of Dinson Iron and Steel Company (DISCO), Mr. Ben Xu (also known as Tanaka Shumba), has called on the Government of Zimbabwe to urgently review and amend the Iron and Steel Industry Act of 1942, which he says no longer reflects the current realities and demands of modern steel manufacturing, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking during the Chamber of Mines Annual General Meeting in Victoria Falls, Shumba — whose company is spearheading the country’s largest steel project in Manhize — emphasized that Zimbabwe’s industrial future cannot be built on outdated legislation crafted 82 years ago when “the world was still using steam trains.”

“Of particular importance is the review and amendment of the Iron and Steel Industry Act of 1942, which has long been rendered obsolete by the evolving demands of the steel sector,” Shumba said to a round of applause.

DISCO, a subsidiary of Chinese steel giant Tsingshan Group, has already started production of pig iron and steel billets and is now producing reinforced steel bars from 12mm to 32mm, with a total installed capacity of 600,000 tonnes annually. The project is a flagship for Zimbabwe’s industrialisation under Vision 2030 and has received National Project Status.

Shumba’s call comes at a time when Zimbabwe is seeking to reduce steel imports, save foreign currency, and build local capacity in downstream steel industries. He revealed that DISCO had already saved a major local project foreign currency by replacing planned imports with local supply.

“At the Stanbic dinner, I sat next to someone managing the construction of a sports stadium. He said he was going to import steel. I told him, ‘There’s no need. The steel is already here at Manhize from DISCO,’” Shumba shared.

But despite such breakthroughs, Shumba warned that without clear, modern legal backing, Zimbabwe’s steel ambitions could be slowed down.

“The industry has undergone significant changes since 1942 — advancements in technology, shifts in market dynamics, and an increased focus on environmental sustainability. We must comprehensively review the current legal framework to attract investment and support value addition,” he urged.

Steel Built on Resilience and Vision

Tracing DISCO’s journey from vision to reality, Shumba paid tribute to the Government of Zimbabwe for its unwavering support. He noted that the dream began in 2018 when President Emmerson Mnangagwa met with Tsingshan’s chairman in China and committed to making the plant a reality.

“From a three-hour boardroom discussion in 2018, to the groundbreaking in 2022, to pig iron production in June 2024 — DISCO is now fully operational,” said Shumba.

He applauded key ministries and agencies — including the Ministries of Mines, Finance, Industry, and the Zimbabwe Investment and Development Agency — for facilitating permits, land, energy coordination, and logistics.

“This is what real industrialisation looks like. We are not just making steel; we are rewriting Zimbabwe’s economic story,” Shumba declared.

Local Empowerment and Regional Industrialisation

DISCO has embraced the Local Enterprise Development (LED) programme, forming joint ventures with Zimbabwean businesses to strengthen downstream industries. Shumba said these partnerships will fast-track import substitution and create thousands of jobs.

He further revealed that the company was working on ISO 9001 certification and that the Standards Association of Zimbabwe (SAZ) had confirmed DISCO steel surpasses international standards.

“We want our steel to be known as the best in the world — not just in compliance, but in quality and vision,” he said.

DISCO is also exploring investments in renewable energy and railway rehabilitation, including the launch of a “Grand Railway Solution” to enhance logistics for both domestic and regional steel trade.

“Steel is the backbone of every economy. It’s time our legal instruments matched our ambition. Let us move together and update the Iron and Steel Act — so that Zimbabwe’s resilience can meet global excellence,” he said.

Karo Moves Toward New Bond Listing as Investor Interest Grows

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Karo Moves Toward New Bond Listing as Investor Interest Grows

Zimbabwe’s emerging platinum group metals (PGM) development project, Karo Platinum, is preparing to issue a new bond on the Victoria Falls Stock Exchange (VFEX) as it pushes ahead with the next phase of project development, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking to representatives from leading banks and financial institutions who visited the Karo site in Mhondoro-Ngezi on Tuesday, the company’s Country Director, Dr. Joe Zimba, confirmed that preparations for a follow-up bond are underway.

Following the successful issuance and listing of its first bond in 2022, which raised US$36.8 million, Karo is now engaging investors in preparation for an expanded bond offering. While the exact amount of the upcoming bond was not disclosed, Zimba made it clear that the company is open to over-subscriptions and is finalising key terms.

“We’re scheduling one-on-one meetings with interested parties starting next week,” said Dr. Zimba. “That’s when we’ll bring in our finance director to walk through the bond structure—tenure, coupon, and other technical details. The objective is to ensure everyone has the clarity they need ahead of participation.”

The new bond will include amendments to the current structure, including a revised coupon rate to reflect market conditions. An Extraordinary General Meeting (EGM) of current bondholders is being scheduled to approve the changes, which will also include extending the bond’s tenure.

Dr. Zimba emphasised that the existing bond, due to mature in December 2025, was never pegged to mine production timelines but was instead backed by guarantees independent of output. He, however, acknowledged that while the company had hoped to reach production earlier, global PGM price volatility had impacted project timing.

“We are not yet in production, but the bond was never dependent on that milestone. What matters is that the guarantees remain intact, and our commitment to deliver the project has never wavered,” said Dr. Zimba.

The Karo project has already absorbed more than US$160 million in expenditure, with visible infrastructure such as bulk earthworks, power lines, and road access taking shape on site. According to the company, this new round of fundraising will take the development several steps closer to production.

The site visit by financial institutions marked an important step in the engagement process. Dr. Zimba and his team, including project and finance officers, fielded questions from potential investors eager to understand the bond’s structure, use of proceeds, and current progress on the ground.

Karo officials were also transparent about the next steps. A revised prospectus will soon be issued, following board resolutions and updated documentation, before the bond is relisted on the VFEX. Dr. Zimba said a strong appetite from both existing and prospective bondholders had already been recorded, with several financial institutions signalling interest in participation.

While the company is also pursuing a separate project finance package, expected to materialise in the third quarter of 2025, the bond remains a crucial part of the capital-raising mix. It provides local investors with a rare opportunity to participate in one of Zimbabwe’s most significant mining ventures.

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

Karo Platinum is a project under Karo Mining Holdings, which is owned by Tharisa Plc. Its long-term vision aligns with Zimbabwe’s economic development strategy and is expected to contribute to employment creation, infrastructure development, and forex generation.

As Zimbabwe continues to position the Victoria Falls Stock Exchange as a preferred capital-raising platform for resource-backed investments, the Karo bond stands out as a defining example of public-private collaboration. Karo’s decision to issue a second bond not only signals investor confidence but also reinforces the company’s intent to stay the course and deliver a world-class PGM operation.

With the bond process now in motion and project finance discussions progressing, all eyes are on Karo’s ability to execute. And judging by the reception from the financial community this week, confidence in the project is growing.

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