Mining ZimbabweLatest Mining News, Policy and Industry Updates

Zimbabwe’s gold market opened the week on a strong footing, with prices surging sharply across all categories, underscoring renewed momentum in the precious metals sector.

The top-grade SG 90% and above category climbed to US$132.07 per gram (US$4,107.84/oz), marking a notable jump from Friday’s US$128.52 per gram (US$3,997.39/oz).Gold Prices Shoot to 132.07

The latest price movements reflect a broad-based rally, with gains recorded across every grading band. SG 85% and above but below 90% rose to US$130.67/g (US$4,064.29/oz), up from US$127.16/g (US$3,955.98/oz) on Friday.

Similarly, SG 80% and above but below 85% advanced to US$129.27/g (US$4,020.75/oz), compared to US$125.80/g (US$3,914.56/oz) previously.

Lower-grade categories also mirrored the upward trend. SG 75% and above but below 80% increased to US$127.87/g (US$3,977.20/oz) from US$124.44/g (US$3,873.14/oz), while sample deliveries of 5g and above but below 10g improved to US$125.78/g (US$3,912.20/oz), up from US$122.40/g (US$3,808.63/oz) at the end of last week.

The Fire Assay CASH price posted one of the strongest performances, rising to US$132.76/g (US$4,129.30/oz) from US$129.20/g (US$4,018.77/oz) on Friday, reinforcing bullish sentiment among producers and traders.

The sharp week-on-week increase highlights firm demand for gold and offers relief to miners, particularly small-scale producers who are highly sensitive to price movements. If the current trajectory holds, the improved price environment could bolster production incentives and enhance foreign currency inflows into the sector in the near term.

The country’s third-biggest platinum group metals (PGMs) producer, Unki Mine’s parent company, Valterra Platinum, has received a strong vote of confidence from S&P Global Ratings, which assigned the newly independent miner an investment-grade issuer credit rating of “BBB-/A-3” with a Stable Outlook, Mining Zimbabwe can report.

By Rudairo Mapuranga

The rating, announced on Friday, reflects Valterra’s position as a top-tier global PGM producer with moderate leverage, a competitive cost profile, and expectations of robust cash flow generation. While the bulk of Valterra’s operations are in South Africa, its Unki Mine in Zimbabwe contributes meaningfully to the portfolio.

According to the S&P report, Valterra’s Unki operation, located on Zimbabwe’s Great Dyke, accounts for approximately 5% of the group’s revenue and EBITDA, and 7% of its refined PGM production. With a mine life of about 18 years, Unki is noted as a stable contributor. The report acknowledges the operational challenges inherent in Zimbabwe, including foreign currency and regulatory risks, but states that “Valterra has been operating effectively in Zimbabwe for many years.”

S&P highlighted several key strengths supporting the rating:

Scale & Integration: Valterra is one of the world’s top two PGM producers and the leading platinum producer, with fully integrated smelting and refining facilities.

Strong Financial Metrics: The company is expected to maintain conservative leverage, with S&P Global Ratings-adjusted debt to EBITDA well below 1.5x and funds from operations (FFO) to debt above 60%. Notably, Valterra is projected to achieve a net cash position from 2026.

Cost Competitiveness: Operations are in the lower half of the industry cost curve, supported by the large, mechanised Mogalakwena Mine and ongoing efficiency programmes.

Resilient Outlook: A recent recovery in PGM prices, driven by sustained hybrid vehicle demand and tightening emissions standards, is expected to boost earnings through 2027.

Risks and the Stable Outlook

The rating incorporates risks such as exposure to volatile PGM prices and currencies, and the evolving regulatory landscape in South Africa. The Stable Outlook reflects S&P’s expectation that Valterra will maintain its disciplined financial policy and strong credit metrics over the next few years, even under varying price scenarios.

The rating is not constrained by South Africa’s sovereign rating (“BB/Positive/B”), as S&P assessed that Valterra, a foreign-currency-earning exporter, maintains sufficient liquidity to withstand a hypothetical sovereign stress scenario.

The assessment follows Valterra’s successful demerger from Anglo American PLC in May 2025 and the establishment of a new, standalone capital structure. The “BBB-” rating provides Valterra Platinum, and by extension its Unki Mine, with a solid foundation for future growth and access to capital markets.

The Minister of Mines and Mining Development, Dr Polite Kambamura, says the government is preparing to compel mining companies to take students on industrial attachment, amid growing concerns over rising unemployment among mining graduates.

By Ryan Chigoche

Over the years, more institutions have increased enrolment in mining-related programmes, resulting in a fast-growing pool of graduates.

However, the job market has not expanded at the same pace, leaving many aspiring professionals unable to secure the attachment opportunities required to complete their training.

Speaking during a press conference at his swearing-in ceremony as the new Minister, Dr Kambamura said the government is now stepping in to address this widening mismatch.

“Graduates or our undergraduates are not finding attachment, so we are going to make it mandatory for mining companies to absorb students on attachment. In that pillar, we are also going to strengthen skills and knowledge transfer for people.”

The job crisis in the mining sector comes despite the recent growth of Zimbabwe’s mining industry, driven by increased investment.

Companies have nonetheless been criticised for preferring foreign workers or prioritising degree holders, sidelining other qualified graduates.

As the number of graduates rises, industry players warn that the sector can no longer absorb the volume of learners seeking placement.

A senior executive from a leading mining company told Mining Zimbabwe that the situation has become “dire,” with the output of mining graduates far exceeding available opportunities.

He said employment is determined by operational needs, and the current levels of enrolment across training institutions are simply “more than what industry can absorb.”

Economic pressures, commodity price fluctuations, and ongoing operational challenges across the sector have further limited job openings for new entrants.

However, the proposed mandatory attachment policy, if implemented, will help ease the burden by ensuring every mining student receives practical training and by strengthening the sector’s skills pipeline through deliberate knowledge transfer.

Zimbabwe’s newly appointed Minister of Mines and Mining Development, Dr Polite Kambamura, has declared an immediate end to the era of reckless, unregulated extraction, Mining Zimbabwe can report.

By Rudairo Mapuranga

Framing his tenure as a decisive reset, the minister is placing a laser focus on “quality investors” while unequivocally stating that “the issue of mining all over is now gone.”

This stance, articulated in his first public remarks since taking office, introduces a stringent filter for capital, prioritising strategic, responsible, and law-abiding partners over the rush for any and all investment that has historically led to environmental degradation, community conflict, and revenue leakage.

Minister Kambamura’s comments serve as a direct correction to the perceived excesses of the recent past. While reaffirming President Emmerson Mnangagwa’s foundational open-for-business policy, he made clear that the phrase had been dangerously misinterpreted. “The President has said Zimbabwe is open for business, but some people have taken that to mean otherwise,” Kambamura stated, drawing a clear line in the sand.

This “otherwise” is a pointed reference to a pattern of speculative and illicit mining operations that have plagued the sector. These range from poorly capitalised juniors acquiring vast claims only to flip them, to well-connected actors engaging in “pegging and so forth” without community consultation or proper environmental plans. The result has often been “haphazard mining”—short-term exploitation that leaves long-term scars.

So, what defines a “quality investor” under Kambamura’s new regime? His framework rests on three non-negotiable pillars:

1. Respect for Sovereignty and Law: Investors must demonstrate a firm commitment to operating within Zimbabwe’s legal framework, not seeking loopholes or relying on political patronage to circumvent regulations. This includes strict adherence to revised indigenisation laws, tax codes, and newly emphasised export controls designed to halt mineral smuggling.

2. Deep Community Integration as a Prerequisite: Consultation is no longer an afterthought. “Respecting the communities… consultation with the communities prior to mining and pegging” is now a mandatory first step. This policy aims to prevent the all-too-common clashes between mining companies and local populations, ensuring social licence is secured through genuine partnership and shared benefit plans before a single hectare is claimed.

3. Strategic Alignment with National Goals: A quality investor is one whose operational plan and capital commitment advance Zimbabwe’s macroeconomic objectives, particularly the goal of becoming an upper-middle-income economy by 2030. This means investors who bring not just extraction, but value addition: building processing plants, transferring technology, and developing local skills.

The declaration that “the issue of mining all over is now gone” is perhaps the most significant operational shift. It signals the end of the free-for-all claim staking that has led to inefficient, fragmented, and environmentally damaging operations.

This new approach calls for:

• Scientifically Planned Exploration: Future mining will be guided by comprehensive national geological data, directing investment to the most viable and strategic deposits rather than allowing speculative pegging in ecologically or socially sensitive zones.

• Consolidation and Formalisation: A push to formalise the chaotic artisanal sector and consolidate small, inefficient claims into larger, economically sustainable blocks that can support modern, regulated operations.

• Strict Zoning and Land-Use Planning: Close coordination with environmental, local government, and agricultural authorities to ensure mining occurs in appropriately designated areas, protecting food security and critical ecosystems.

This recalibration will immediately reshape Zimbabwe’s investment landscape. Junior explorers and short-term speculators may find the doors closing, while major, well-capitalised firms with proven ESG (Environmental, Social, and Governance) credentials and long-term value-addition strategies will be positioned as preferred partners.

The policy plays directly into global trends. Western and multilateral financial institutions are increasingly tying funding to strict ESG compliance. Meanwhile, Zimbabwe’s vast lithium reserves—critical for the global energy transition—are attracting battery manufacturers who require large, stable, and ethically sourced supply chains. Kambamura’s framework is designed to make Zimbabwe a more credible partner for this high-stakes market.

Announcing the policy is one thing; enforcing it is another. The minister faces formidable obstacles:

• Rooting Out Entrenched Interests: The “haphazard mining” model has benefited powerful political and security sector elites. Resisting their pressure will be a critical test of the policy’s integrity.

• Building Institutional Capacity: The ministry must rapidly enhance its own capacity to scrutinise investors, monitor compliance, and enforce regulations—a task that has historically been hampered by limited resources.

• Balancing Speed and Scrutiny: As the government urgently seeks foreign investment to bolster its struggling economy, it must avoid the temptation to bypass its own new rules for ostensibly “quick-win” deals.

Minister Polite Kambamura’s first message is not one of bland reassurance to the global market. It is a conditional invitation and a stark warning. Zimbabwe remains open for business, but on its own terms—terms that prioritise sustainable national development over rapid, reckless extraction.

By demanding quality investment and outlawing haphazard mining, he is attempting to lay a new foundation for the sector. If successfully implemented, this shift could begin to convert Zimbabwe’s subterranean wealth into visible, lasting above-ground prosperity. If it fails, it will join a long list of unmet reforms. The world’s mining giants, from Johannesburg to London to Beijing, are now carefully watching to see if the words will become reality.

Ariana Resources Plc has strengthened its drive to advance the Dokwe Gold Project in Zimbabwe after securing a US$5.31 million strategic investment to fund metallurgical test work and complete a definitive feasibility study (DFS), Mining Zimbabwe can report.

By Ryan Chigoche

The funding marks a significant step in Ariana’s efforts to accelerate the development of what is shaping up to be one of the country’s most promising new gold assets. The company recently launched a fresh phase of drilling aimed at expanding and refining its mineralisation model at Dokwe. Current estimates put the deposit at over one million ounces of gold, giving it an in-ground value of nearly US$4 billion at prevailing prices.

To support progress toward feasibility, Ariana has entered into a strategic partnership with Hong Kong Xinhai Mining Services. Xinhai has already paid a non-refundable AU$500,000 (about US$332 244) exclusivity fee, allowing Ariana to continue advancing the project while both sides work toward finalising binding agreements for the full investment.

Under the proposed terms, Ariana will receive up to AU$11 million (US$7.3 million) once all agreements are executed and conditions are met. In exchange, the company will issue up to 36 666 667 CHESS Depositary Interests (CDIs) at AU$0.30 per CDI, subject to shareholder approval where necessary and compliance with ASX and AIM requirements. CDIs enable investors to trade shares of foreign-incorporated companies on the Australian Securities Exchange.

The investment will be rolled out in three stages, each tied to specific technical milestones for the Dokwe project.

The first tranche will see Ariana receive AU$8 million (US$5.31 million) in cash for 26,666,667 CDIs. This amount includes the earlier signing fee, which will convert to CDIs if the parties fail to conclude definitive agreements by 31 January 2026. Completion of the tranche will also give Xinhai the right to nominate John Zhang to the Ariana board.

In the second tranche, Ariana will receive AU$1 million (US$664 450.70) worth of metallurgical sampling and test work services. These services, critical for understanding Dokwe’s processing characteristics, will be settled through the issuance of 3,333,333 CDIs.

The third and final tranche covers technical services valued at up to AU$2 million (US$1.32 million) to complete the DFS. Ariana will issue up to 6,666,667 CDIs in return. This stage is expected to deliver the detailed technical and economic analyses required to move Dokwe toward development readiness.

Ariana said all funds and service value from the investment will be channelled toward working capital and project advancement, giving the company greater financial flexibility as it pushes the project through its next development phases.

This development comes at a time when gold prices are projected to maintain a bullish trajectory, supported by strong investor sentiment, persistent global economic uncertainty and sustained demand for safe-haven assets.