Mining ZimbabweLatest Mining News, Policy and Industry Updates

Invictus Energy has begun preparing the wellpad for its Musuma 1 exploration well in the Cabora Bassa Basin, marking a decisive step toward what could become Zimbabwe’s first commercial oil and gas production and putting the nation firmly on the global energy map, Mining Zimbabwe can report.

By Rudairo Mapuranga

The Australian explorer announced that surveying of the wellsite and wellpad location is complete, with civil works tendering and access activities now advancing. Geotechnical and water boreholes will be drilled ahead of construction to support engineering design and groundwater assessment. Rig mobilisation and move planning have also commenced, setting the stage for a drilling campaign targeted for the second half of 2026.

“Commencing early site works and rig planning activities positions the Company well for an efficient drilling campaign in the second half of 2026,” Managing Director Scott Macmillan said.

Musuma 1 is no wild gamble. The prospect was selected based on strong direct hydrocarbon indicators identified in seismic data, including updip brightening and a consistent “flat spot”, a horizontal reflector that signals a gas water contact, observed across multiple seismic lines and survey vintages.

“The prospect is supported by seismic amplitude anomalies and structural definition identified on the CB23 seismic survey, and is considered one of the key follow-up exploration opportunities in the Basin,” Macmillan said.

The well targets 1.2 trillion cubic feet of gas and 73 million barrels of condensate on a gross mean unrisked basis. Success would unlock a new play fairway in the eastern portion of Invictus’ 360,000-hectare acreage, building on the already proven Mukuyu gas field, described by Wood Mackenzie as the second largest petroleum find in Sub-Saharan Africa in 2023.

“Musuma 1 is a compelling prospect with material scale and the potential to build on the success of the Mukuyu gas condensate discovery,” Macmillan added.

The Cabora Bassa Basin is one of the last underexplored large frontier rift basins in onshore Africa. Invictus holds an 80 per cent interest in the project through its subsidiary Geo Associates, with Zimbabwe’s Mutapa Investment Fund holding the remaining 20 per cent. A successful discovery at Musuma would expand the country’s resource base and accelerate the path to early production.

Invictus has already secured an Environmental Impact Assessment permit for a gas-to-power pilot project at Eureka Gold Mine as a proof of concept. That scheme, combined with the Mukuyu discovery and now Musuma, lays the foundation for full field development and early gas monetisation.

The company is simultaneously engaging with potential drilling and oilfield service providers, with contract awards targeted for June 2026. The well is designed as a simple, low-cost vertical well to a planned depth of approximately 1,500 metres, targeting the shallow Dande Formation, the same interval that showed residual hydrocarbons and good reservoir quality during Mukuyu 2 drilling.

“We remain focused on advancing preparations for the well while continuing engagement with stakeholders, contractors, and government authorities in support of the upcoming drilling programme,” Macmillan said.

Invictus has scheduled the execution of its Petroleum Production Sharing Agreement with the Government of Zimbabwe for April, though a specific date remains unannounced by Harare. Once signed, the PPSA will serve as the model contract for all future petroleum activity in Zimbabwe, providing the legal and fiscal certainty that international investors demand.

With the wellpad now under preparation, rig contracts nearing award, and the PPSA expected imminently, Zimbabwe stands at the threshold of a new industry.

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Zimbabwe’s gold sector has demonstrated a solid performance in the first quarter of 2026, with total deliveries to Fidelity Gold Refinery (FGR) reaching 9,311.92 kg. This represents a steady 8.29% increase compared to the 8,599.10 kg delivered during the same period in 2025.

The quarterly growth was largely anchored by a massive surge in February 2026, where total output jumped to 3,412.95 kg, significantly outpacing the previous year’s February performance of 2,596.11 kg.

Sector Contributions

The data from FGR highlights a tale of two sectors:

• Small-Scale Producers: This sector remains the backbone of national production, contributing a total of 6,510.91 kg for the quarter. While they peaked in February, deliveries cooled to 1,748.70 kg in March.

• Primary Producers: Large-scale industrial mines have shown remarkable consistency and growth. Their monthly output climbed steadily throughout the quarter, finishing at a high of 1,105.31 kg in March, a 14% increase over their March 2025 figures.

Quarterly Highlights

As the 2026 mining season progresses, the industrial sector’s ability to maintain an upward trajectory suggests improving operational efficiencies at major mines. Although the small-scale sector experienced a month-on-month dip at the end of the quarter, the cumulative volume of over 9.3 tonnes puts the industry in a strong position to meet annual targets.

The Zimbabwe School of Mines (ZSM) has declared its intention to take artisanal and small-scale mining (ASM) training to every province and district in the country, as it celebrated the graduation of 300 miners, nearly half of them women, from a pioneering 32-hour intensive programme at Elvington Mine.

By Rudairo Mapuranga

Speaking at the graduation ceremony held at Magandi Park on 30 April 2026 in Chegutu, ZSM Principal Edwin Gwaze hailed the event as “a defining moment, not just for the 300 individuals who graduated, but for the very future of Zimbabwe’s mining industry.”

Gwaze reminded the audience that the Zimbabwe School of Mines was founded with a clear mandate: “to consider the means of affording technical education and practical training for those who wished to enter the mining sector.”

For a century, that mandate was fulfilled primarily from the main campus in Bulawayo. But today, he said, the school stands “on the threshold of a new era” by bringing responsible mining training directly to mine operations.

“We are operationalising the vision of a nationwide training school. We are saying that knowledge should not be restricted to those who can travel to our campus. It must be a tool available for every Zimbabwean who dares to dig for the prosperity of our nation.”

The 300 graduates completed 32 intensive hours of training, delivered over three weeks in partnership with Mutapa Gold Resources, covering:

• Small-scale mining methods
• Occupational safety and health
• Return on investment calculations and operational finance
• Optimisation of transportation routes and logistics

“You have confronted the harsh realities of occupational safety and health,” Gwaze told the graduates. “You now hold a certificate that is more than just a piece of paper. It is a passport to formality. It is your credential to move from being a worker to being an entrepreneur, a leader, and a steward of our mining environment.”

In a striking demonstration of inclusion, 148 women were among the graduating class, nearly half of the cohort.

“For too long, the narrative of mining has excluded the voices and talents of our mothers and daughters. Today, we rewrite that narrative,” Gwaze said.

“You have proven that the grit and determination required to succeed in this industry are not bound by gender. You are the pioneers who will ensure that the wealth of Chegutu benefits the whole community, starting from the household level.”

Why this matters: ASM’s record-breaking role

Gwaze provided the national context: artisanal and small-scale miners drove a record-breaking year in 2025, delivering 34.9 tonnes of gold to Fidelity Gold Refinery, approximately 75% of the country’s total gold output of 46.7 tonnes.

“Despite this economic importance, the sub-sector has historically been characterised by informality, hazardous working conditions, and significant technical inefficiencies,” he noted.

The National Development Strategy 2 (NDS2), covering 2026 to 2030, identifies the professionalisation of the ASM sector as a core priority for achieving Vision 2030.

“The transition of miners from informal, subsistence-based activities into structured, safe, and commercially viable micro enterprises is essential,” Gwaze said.

The Principal specifically thanked Mutapa Gold Resources for sponsoring the programme.

“This would not have been possible without the sponsorship of Mutapa Gold Resources. We thank you for recognising that the sustainability of your operations at Elvington Mine is inextricably linked to the skills and safety of the small-scale miners who surround you.”

He described the initiative as “corporate social responsibility at its most impactful, investing in the very people who form the backbone of the industry.”

“As we look towards 2030, our goal is to duplicate this model in every province and every district in Zimbabwe. The graduation of 300 miners at Elvington is not the end of the journey, but hopefully the beginning of a new phase of engagement.”

He endorsed the Minister of Mines’ proposal for mining training to occur in every province, providing the technical and training oversight that prevents tragedies and promotes productivity.

RioZim Limited has secured shareholder approval for a wide-ranging restructuring plan centred on asset disposals, debt reduction, and a proposed US$35 million loan facility, as the miner moves to stabilise its finances and revive operations, Mining Zimbabwe can report.

By Ryan Chigoche

The approvals, confirmed in a company statement after all six resolutions were adopted with full shareholder support, give management the mandate to unlock value from selected assets while addressing a debt burden estimated at US$76.5 million, according to prior disclosures on the Zimbabwe Stock Exchange.

A key component of the plan is a debt-for-asset transaction involving RZM Murowa (Private) Limited, a major shareholder. The arrangement will see RioZim dispose of its 22.2% stake in Murowa Diamonds, together with four diamond mining claims, ML 26, Sese, Shavahuru, and Bubi, valued at US$4.6 million, in exchange for the waiver of a US$60.8 million liability.

The transaction is expected to materially reduce the company’s debt exposure and form the backbone of its balance sheet restructuring.

In addition, RioZim plans to dispose of several other assets to raise liquidity. These include the One-Step gold claim in Mhondoro and the Mtandahwe copper and tungsten claim in Chipinge, with minimum values set at US$1 million and US$3 million, respectively. The One-Step asset carries a conditional pricing mechanism linked to resource confirmation, allowing for a higher valuation if in-situ gold exceeds 400 kilogrammes, or an exit option if the deposit proves unviable.

The company is also targeting the sale of non-core properties in Nyanga and Newlands, while a previous disposal of a Msasa property for US$1.6 million has been ratified.

Alongside the disposal programme, RioZim has been authorised to secure a loan facility of up to US$35 million, to be backed by its remaining assets. The funding is intended to provide working capital and support the resumption of operations without issuing new shares.

RioZim operates the Renco, Dalny, and Cam & Motor gold mines, which have faced operational constraints in recent years. At Cam & Motor, output has been affected by the shift from oxide ore to refractory sulphide ore. Although a BIOX plant was commissioned in 2019 to process the sulphide ore, it has not been fully utilised due to funding limitations.

Legal challenge casts uncertainty

However, the implementation of the approved measures now faces uncertainty following an urgent application filed at the Commercial Division of the High Court by an anonymous shareholder seeking to place RioZim Limited under corporate rescue proceedings.

The applicant argues that such a move would trigger a legal moratorium, restricting the company from proceeding with major transactions, including asset disposals and financing arrangements, while the matter is before the courts.

Representations have also reportedly been made to the Zimbabwe Stock Exchange and the Securities and Exchange Commission of Zimbabwe, urging regulators to intervene.

If upheld, the application could delay the execution of RioZim’s restructuring plan at a critical stage, as the company seeks to reduce debt and restore operations.