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Zim Government Urged to Support Women Miners in Makaha

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Over 30 women’s mining syndicates in Makaha remain idle despite allocated mining blocks, prompting urgent calls for government technical support to empower women miners in Zimbabwe.

More than 30 women’s mining syndicates in Makaha, Mashonaland East, remain non-productive despite being allocated mining blocks, Senator Appolinia Munzverengwi has revealed, issuing an urgent appeal for government technical assistance, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking at a high-level event hosted by the Zimbabwe Women in Mining Association (ZAWIMA) on “The Role of Women in Responsible Sourcing: Strengthening Support Mechanisms for Women in Artisanal and Small-Scale Mining (ASM) in Zimbabwe and Beyond,” the senator expressed both gratitude for the land allocations and frustration at the lack of progress in transforming those allocations into actual production.

“You know, as a woman and as a senator in Mashonaland East, we do have a number of women that were allocated mines in Makaha as syndicates,” Senator Munzverengwi said. “And we are looking forward to the ministry coming up with some assistance so that we can realise what is underground.”

The women of Makaha received their mining blocks through a land allocation programme championed by President Emmerson Mnangagwa’s Second Republic, part of a broader drive to ensure local communities benefit from mineral resources found in their areas. But allocation alone, the senator stressed, is insufficient.

“The women in Makaha are not yet producing. They are not yet producing,” she emphasised. “We want to thank His Excellency Dr. Emmerson Mnangagwa. We got land in Makaha, and we have more than 30 women’s syndicates who were allocated blocks in Makaha.”

However, the gap between owning a claim and successfully mining it remains vast.

“But we are looking forward to the ministry coming to assist us because these are women in the countryside. They don’t even have the knowledge, but they want to mine. So they need to be assisted.”

Senator Munzverengwi’s concerns echo findings from recent research on women in Zimbabwe’s artisanal and small-scale mining sector. A 2025 study published in the University of Nairobi’s Journal of the African Women Studies Centre found that while progress has been made in women’s access to funding and credit, “persistent barriers remain, especially regarding access to information, training, and leadership roles.”

The study, which interviewed female small-scale miners from all ten provinces of Zimbabwe, noted that “most participants reported violations of their rights, limited access to basic services, and a lack of agency in production activities.”

Industry leaders have also highlighted the specific challenges women face. Silingiwe Masuku, national chairperson of the Zimbabwe Indigenous Miners Association (ZIMA), recently said that “technical training and capacity building are essential. Programmes that equip women with geological knowledge, mining management skills, and regulatory understanding will empower them to run sustainable mining operations.”

Senator Munzverengwi positioned the Makaha women’s potential contribution within the broader context of Zimbabwe’s mining success story.

“You know there’s a lot of gold now from the small-scale miners. We want to thank the leadership of ZMF. They are pushing for production, to increase the production,” she said.

Artisanal and small-scale miners now supply over 60 per cent of Zimbabwe’s gold output, a transformation driven largely by the Zimbabwe Miners Federation’s efforts to formalise and capacitate the sector.

“And we also want to contribute as women to what is happening already on the ground, on the volumes that are being produced,” the senator added, signalling that women miners are ready to claim their share of national production statistics.

The Makaha women’s situation stands in stark contrast to successful interventions elsewhere in the country. In Shurugwi District, a government-private sector partnership established a chrome mining project that now benefits over 300 women and youths from the Zvumwa area.

That initiative, launched by the government in collaboration with private sector partners, has transformed the economic prospects of an entire community, with women now running successful mining ventures and contributing meaningfully to local economic development.

Shurugwi North legislator Honourable Joseph Mupasi hailed the project as proof that “President Mnangagwa is walking the talk on leaving no one and no place behind.”

The Makaha syndicates need similar support to move from allocation to production.

Earlier at the ZAWIMA-hosted event, Deputy Minister of Mines and Mining Development Hon. Eng. Fred Moyo announced the government’s plan to establish mining offices in every district, a decentralisation drive aimed at bringing technical expertise closer to women miners.

“If we have officers in districts, we will be able to reduce disputes. The officer will be responsible for tracking mining claims in their districts,” Hon. Eng. Moyo said, signalling that the government is aware of the challenges women face and is moving to address them.

He also called on women’s mining associations to provide accurate data on their membership and production.

“As a government, we also want to know how many women are involved in mining, so associations should give us the numbers so we know. Formalise yourselves. We also want to know how much gold is coming from women. We need to walk together.”

Senator Munzverengwi’s call for ministry assistance aligns with recommendations from multiple stakeholders in the mining sector. The 2025 academic study on women’s economic empowerment through small-scale mining made specific recommendations including that the Ministry of Mines and Mining Development “review and revise existing regulations to tackle the specific hurdles women miners face” and that the Zimbabwe School of Mines “provide training programmes tailored to the needs of women miners.”

The Intergovernmental Forum on Mining, following a September 2025 workshop in Harare convened with Zimbabwe’s Ministry of Mines and Mining Development, the SADC Women in Mining Association, and ZASWMA, highlighted the need for “inclusive regional approaches to ASM formalisation and gender equality” and specifically addressed “women’s health and safety challenges in ASM.”

For the 30 women’s syndicates in Makaha, the allocation of mining blocks represents promise without delivery, land without knowledge, claims without production. Senator Munzverengwi’s plea to the ministry, delivered at the ZAWIMA event, is straightforward: provide the technical assistance needed to transform dormant allocations into active, productive mines.

“They need to be assisted,” she said simply.

The women of Makaha have the land. They have the will. What they lack is the knowledge, the technical expertise, and the structured support that could turn their blocks into the next success story in Zimbabwe’s small-scale mining sector.

As one miner in Shurugwi put it: “The President is walking the talk on his declaration that communities should benefit from natural resources that are found in their localities, and we are happy that as women we are partaking in this economic activity.”

The women of Makaha want nothing less.

Zimbabwe to Deploy Mining Officers in Every District to Support Women Miners

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Zimbabwe is set to deploy mining officers in every district, a move aimed at supporting women miners and strengthening small-scale mining across the country.

The government is set to establish mining offices in every district across the country, a transformative decentralisation drive aimed at bringing technical expertise closer to women miners who have long struggled without adequate support, Deputy Minister of Mines and Mining Development Hon. Eng. Fred Moyo has announced.

By Rudairo Maparanga

Speaking at a high-level event on “The Role of Women in Responsible Sourcing: Strengthening Support Mechanisms for Women in Artisanal and Small-Scale Mining (ASM) in Zimbabwe and Beyond,” hosted by the Zimbabwe Women in Mining Association (ZAWIMA), the Deputy Minister outlined a sweeping vision to embed mining governance at the grassroots level.

“How do we educate each other in terms of SHEQ practices so that there won’t be accidents and hazards to the environment and people? We want to see how best we can work together,” Hon. Eng. Moyo said.

The Deputy Minister emphasised the need for refresher courses and business training to formalise women’s mining operations.

“We want to see if we can do refresher courses. We also want to see if we can do business formally. Business training is important, even in terms of tax payments. Even if we look for funds or loans for your businesses, it will be easier for us to do that.”

The centrepiece of Hon. Eng. Moyo’s address was the announcement that the government has applied to the Public Works Department for approval to establish mining offices in every district, filling a critical gap in the current governance structure.

“We have a three-tier government: national, provincial, and district. However, all districts have similar national structures, but mining is not present. We have applied to the Public Works Department for offices of Mines to be present in every district.”

This decentralisation, he argued, would fundamentally transform how mining is governed at the local level, with particular benefits for women miners who often lack access to technical expertise.

“If we have officers in districts, we will be able to reduce disputes. The officer will be responsible for tracking mining claims in their districts.”

The Deputy Minister also called on women’s mining associations to provide accurate data on their membership and production, enabling the government to tailor support programmes effectively.

“As a government, we also want to know how many women are involved in mining, so associations should give us the numbers so we know. Formalise yourselves. We also want to know how much gold is coming from women. We need to walk together.”

Earlier, Senator Appolinia Munzverengwi, speaking on the sidelines of the same event, highlighted the persistent challenges women miners face despite growing participation in the sector.

“Mining is a very big industry, and I’m happy to see the Deputy Minister of Mines coming to address women in mining. He wants to understand what is happening in the countryside in terms of production and women who are into mining. He also wants to know how many we are as women and what issues the ministry can assist with.”

The Senator noted that while women are increasingly involved in mining, they face significant structural barriers that district-level officers could help address.

“Women do have title over their mines, but the technical expertise is not there, and the capital is not there. So most of the time they’ll be just following tracers instead of mining the actual belt.”

This lack of technical knowledge means women often mine inefficiently, following surface indicators rather than targeting the actual mineral belt, a problem that on-the-ground technical support could help solve.

Senator Munzverengwi welcomed the Deputy Minister’s announcement on decentralisation.

“I was happy to hear that they are now putting in place district officers. We hope these officers will assist our women, because when you mine you need to know exactly where your strike is, the movement of the belt.”

The Senator recalled the 2026 International Women’s Day commemorations, hosted by Minister of Women Affairs Honourable Monica Mutsvangwa in Bindura, as evidence of the government’s recognition of women’s growing role in mining.

“The mining sector is another sector where women are now involved. They are into mining but with a bit of difficulty.”

The Deputy Minister’s message was clear: formalisation is the gateway to support. Women miners who register with associations, document their production, and operate within the law will be positioned to access training, financing, and technical assistance.

“We need to walk together,” he emphasised.

For the women gathered at the ZAWIMA-hosted event, the promise of district mining officers represents a potential lifeline—technical expertise brought to their doorsteps, dispute resolution mechanisms close to their operations, and a government presence that understands local conditions.

The initiative, if successfully implemented, could fundamentally alter the landscape for women in Zimbabwe’s mining sector, moving them from the margins to the mainstream, from tracer mining to targeted extraction, and from informality to formal participation in the country’s mining future.

Zimbabwe’s New Energy Laws Set to Transform Mining Power Supply

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Zimbabwe’s new energy framework is set to reshape the mining sector by unlocking captive power generation and reducing reliance on the national grid.

Zimbabwe’s Cabinet has approved a new energy governance framework that could transform power access for the country’s mining sector, one of the most energy-intensive industries. At the heart of the reforms is the formalisation of captive power generation, a growing trend among mines seeking to reduce reliance on an unreliable national grid, Mining Zimbabwe can report.

By Ryan Chigoche

In response to persistent grid shortfalls, several mining houses are expanding their own power capacity. Zimplats has commissioned a 35 MW solar plant at its Selous Metallurgical Complex, with a further 45 MW under construction as part of a long-term 185 MW target. Caledonia Mining’s Blanket Mine now runs a 12.2 MW solar facility, reducing reliance on grid and diesel power. Smaller operations, including Turk Mine and Dinson Iron & Steel, have also invested in captive generation, reflecting a broader sector trend toward self-supply in the face of unreliable electricity.

Given this, the new Own-Consumption Licensing Regulations 2026 now formalise this growing segment, providing a legal framework and regulatory clarity for businesses generating electricity for self-use. The rules reduce financing and insurance risks for large-scale self-generation projects, ensuring that mines can expand their power capacity without legal uncertainty.

The regulations also address other energy challenges that have long constrained mining operations.

The Energy Source Designation Notice 2026 clarifies classifications for solar, hydro, thermal, gas, and grid electricity, giving mines certainty when deploying hybrid or off-grid systems. The Solar Products and Installation Regulations 2026 set minimum quality and installation standards, protecting investments against substandard panels, inverters, and poorly executed installations.

Efficiency and cost management are tackled under the Energy Management Regulations 2026, which require large consumers, including mines, to monitor, report, and systematically reduce energy usage.

For years, the Chamber of Mines has engaged ZESA to secure prioritised supply, highlighting the critical need for formal energy management rules to reduce downtime and generator costs.

Meanwhile, the Backbone Infrastructure Provision Regulations 2026 open the sector to private participation in high-voltage transmission infrastructure, allowing mining companies to invest in substations and lines to secure a more reliable electricity supply.

Other instruments, including electricity export controls and EV charging station safety regulations, are part of the broader reform but have limited direct impact on mining operations.

For Zimbabwe’s mining sector, where electricity costs and supply reliability have long constrained production, the new framework provides both opportunities and responsibilities. Mines that invest in quality self-generation, comply with energy management rules, and explore private infrastructure partnerships can cut costs, reduce downtime, and align operations with emerging ESG standards.

The framework’s success will depend on enforcement by the Zimbabwe Energy Regulatory Authority, the Electricity Regulatory Commission, and the Ministry of Energy and Power Development.

Gold Falls to Monthly Low as Inflation Pressures and Policy Uncertainty Rattle Investors

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“Gold price today remains a key indicator for Zimbabwe and South Africa’s mining sector, where exports and revenues are directly tied to global bullion movements.”

Gold prices retreated to their lowest level in a month, falling below the $5,000-per-ounce mark as persistent inflation concerns clouded expectations for interest rate cuts in the United States.

Spot gold dropped as much as 3% on Wednesday to $4,836 per ounce, its weakest level since mid-February. US gold futures mirrored the decline, while silver also lost roughly 3%, slipping below $80 an ounce.

In recent sessions, bullion had been trading within a relatively tight range, with markets balancing geopolitical tensions against rising inflation risks linked to the ongoing Middle East conflict. While gold typically benefits from uncertainty, elevated price levels and inflationary pressures are complicating the outlook by reducing the likelihood of near-term rate cuts.

As the conflict drags on, supply chain disruptions, particularly in energy markets, have intensified inflation fears. Since a strike on Iran late last month, gold has retreated more than 6%, reversing gains from its surge above $5,400, which had placed it within reach of January’s record highs.

Market analysts say the persistence of higher energy costs is feeding into broader inflationary pressures, limiting the US Federal Reserve’s room to ease monetary policy.

Longer-term outlook remains positive

Investors are now turning their attention to the Federal Reserve’s policy meeting, where rates are widely expected to remain unchanged. However, guidance on inflation and labour market conditions will be closely watched for signals on future monetary policy direction.

Despite the recent pullback, gold has still gained around 15% so far this year, continuing the strong momentum built in 2025.

Many analysts remain optimistic about the metal’s prospects, pointing to the potential for sustained inflation, or even stagflation, to reinforce gold’s role as a store of value.

Several major banks have maintained bullish forecasts. Earlier this year, JPMorgan projected gold could reach $6,300 by the end of 2026, while BNP Paribas expects prices to exceed $6,000. UBS has also set a target of $6,200 per ounce, citing historical trends showing gold’s resilience in the aftermath of geopolitical conflicts.

Early Ventilation Planning Key to Cost Avoidance in Mining – Dr Chikande

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The Mine Ventilation Society of Zimbabwe (MVSZ) says that early integration of ventilation planning into Life of Mine (LoM) strategies is a critical lever for cost control, safety, and operational stability, as companies are reportedly losing millions by treating ventilation as an afterthought, Mining Zimbabwe can report.

By Ryan Chigoche

Despite its importance, ventilation remains one of the most under-prioritised aspects of mine design, often only receiving serious attention when underground conditions begin to deteriorate. This delay in planning can compromise both operational efficiency and worker safety, highlighting the need for proactive, long-term ventilation strategies.

Across many operations, airflow constraints, rising heat loads, and regulatory pressure tend to trigger reactive interventions rather than planned solutions.

What follows is a familiar cycle of rushed upgrades, production disruptions, and avoidable costs, a pattern that continues to expose the gap between mine planning and execution.

It is this disconnect that is now drawing increased attention within the industry.

In an interview with Mining Zimbabwe, Mine Ventilation Society of Zimbabwe President Dr Tonderai Chikande said a fundamental shift in mindset is required.

“Early Life of Mine ventilation planning is one of the most powerful cost-avoidance and risk-mitigation tools available to mining companies,” he said, adding that it repositions ventilation “from a compliance obligation into a value-preserving strategy.”

At the centre of this shift is the recognition that delayed ventilation planning comes at a cost—often a significant one.

When ventilation is not embedded early in mine design, operations are eventually forced to respond under pressure as production expands or workings deepen, leaving little room for efficient or cost-effective solutions.

“When ventilation constraints are not embedded in early mine design, companies often encounter situations where infrastructure must be retrofitted, with production slowed due to airflow limitations,” Chikande added.

In large-scale mechanised operations, such interventions can run into millions of dollars while disrupting carefully planned production schedules.

Conventional mines face a more gradual but equally limiting challenge, where airflow capacity begins to lag behind development, creating bottlenecks over time. In artisanal settings, the absence of early ventilation planning can escalate further, resulting in unsafe conditions that halt operations altogether.

Beyond simply avoiding these setbacks, early ventilation planning also plays a direct role in strengthening project economics.

By incorporating ventilation parameters into long-term scheduling, mines are better able to align capital investment with production growth, improving overall project value and reducing inefficiencies.

“Rather than over-capitalising early or reacting late, companies can phase infrastructure logically in line with production ramps,” he said.

This alignment becomes increasingly important as operations scale. In mechanised underground mines, ventilation demand rises in step with diesel equipment fleets, while in conventional operations, production targets ultimately depend on whether sufficient airflow can be delivered consistently and sustainably.

At the same time, the consequences of poor ventilation extend well beyond financial costs. Disruptions to airflow can quickly translate into production stoppages, regulatory intervention, and increased safety exposure, placing additional strain on operations and management alike.

By contrast, mines that invest in ventilation planning early are better positioned to manage these risks. Through the use of ventilation modelling, simulation tools, and coordinated input across disciplines, they can reduce uncertainty and avoid the need for emergency redesigns later in the mine life.

“Stability is particularly important in automated environments, where airflow conditions affect both human and machine performance,” Chikande noted.

This more proactive approach is also gradually reshaping how mines are planned and managed. Ventilation is no longer treated in isolation, but as part of an integrated system that brings together mine planners, ventilation engineers, rock engineering teams, and safety professionals, ensuring that it evolves in step with the mine itself.

For the MVSZ, this shift carries particular significance for Zimbabwe’s evolving mining landscape.

As more small-scale and emerging operations move towards formalisation and growth, embedding ventilation planning early could prove decisive in avoiding future safety and operational challenges.

Introducing simplified ventilation planning frameworks at the licensing stage, he said, could go a long way in reducing long-term safety incidents while supporting more sustainable production.

As the sector continues to move towards deeper, more mechanised, and capital-intensive operations, the cost of treating ventilation as an afterthought is becoming increasingly difficult to justify. In that context, early Life of Mine ventilation planning is no longer just a technical consideration, but a strategic necessity for long-term mine performance.

Mapinga Mine to Energy Park Project Stalls as Investor Backs Out

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The ambitious US$13 billion Mapinga Mine-to-Energy Industrial Park, once touted as Zimbabwe’s flagship beneficiation project, is effectively dead, with the investor having withdrawn following protracted land disputes and apparent financial constraints, according to Ministry of Mines and Mining Development Permanent Secretary Pfungwa Kunaka, Mining Zimbabwe can report.

By Rudairo Maparanga

Testifying before a parliamentary workshop on energy minerals co-hosted by ActionAid Zimbabwe and the Parliament of Zimbabwe, Kunaka revealed that the project, which was meant to transform Zimbabwe’s lithium and energy minerals sector, has collapsed after the investor baulked at reduced land allocations and failed to demonstrate adequate financial capacity.

The Mapinga project was conceived as an integrated industrial complex where energy minerals mined in Zimbabwe would be processed into finished products in one location. Located along the Harare–Chirundu Highway, just past the Gwebi River climb at Mapinga, the project was meant to be the template for Zimbabwe’s beneficiation drive.

“Mapinga Industrial Park was conceived as an initiative called Mine-to-Energy, meaning we were looking at mining energy minerals and then converting them into energy in one place,” Kunaka explained.

The project was linked to a single investor, believed to be Eagle Canyon International Group and Pacific Goal Investment, which had mining operations in Buhera and proposed establishing the industrial park. A memorandum of understanding was signed with the government in 2022, with grand plans for two 300MW power stations, a coking coal plant, a lithium salt plant, a graphite processing plant, nickel-chromium alloy smelters, and a nickel sulphate plant. The government had targeted completion by 2027.

Land Dispute That Killed the Deal

The investor initially requested 5,000 hectares for the project, a figure that raised concerns within the government.

“For the information of honourable members, this park was to be located along the road to Chirundu from Harare. As you cross the last river, climbing Mapinga near the Gwebi River, the investor had asked for 5,000 hectares,” Kunaka said.

The Ministry eventually concluded that 5,000 hectares was excessive and that the investor could not be allowed to control such a vast tract of land, which sits atop the Great Dyke, Zimbabwe’s mineral-rich geological formation.

“We felt that there were significant mineral resources within the Great Dyke. The consideration was whether we should allow the investor to take up 5,000 hectares—it is a substantial amount of land.”

The government proposed reducing the allocation to 500 hectares as a starting point, with further expansion contingent on performance.

“We changed the model. We said you cannot have 5,000 hectares; you should start with 500, and then we assess progress.”

However, by then, the damage had already been done. The investor, according to Kunaka, effectively withdrew.

“We get a sense that the investor has given up because we reduced the land allocation.”

Complicating Factors: Farmers, Miners, and Investor Capacity

The land in question was not vacant. Established farmers and miners were already operating in the area, requiring relocation or compensation—a process that would have been complex and politically sensitive.

“There was a challenge in that area because we have farmers and miners already established, who would eventually have to be relocated. All these considerations led to the current position where the project is not progressing.”

Beyond land issues, concerns also emerged about the investor’s financial capacity, particularly given the downturn in global lithium prices.

“We also get a sense that the investor, perhaps due to the performance of lithium prices, may not have had the financial capacity to implement the project,” Kunaka revealed.

The project was meant to mark “the inception of the lithium-ion battery value chain in Zimbabwe,” positioning the country among global producers of lithium batteries.

With its collapse, a critical pillar of that strategy has been removed.

Alternative Models Emerging

Kunaka was quick to point out that while Mapinga has stalled, other integrated projects are taking shape.

“Honourable members, we also have other projects that are emerging, which follow the Mapinga model. A good example is the one in Beitbridge, which we call an integrated project,” he said.

The Palm River Energy and Metallurgical Special Economic Zone in Beitbridge, a US$3.6 billion joint venture between the government, Xintai Resources, and Tuli Coal, is already underway. Covering over 5,000 hectares, the project includes a coking plant, a ferrochrome smelter, and a 1,200MW power plant, and has already employed 400 locals.

“It has been granted Special Economic Zone status. Industrial parks are typically supported by financial incentives, which come through the Special Economic Zone framework.”

Kunaka also pointed to the Manhize iron and steel project, which is similarly structured under a Special Economic Zone model.

“We are looking at areas where we can develop industrial parks for chrome. Manhize is oriented towards iron and steel. These projects are benefiting from the Special Economic Zone model and draw lessons from what we intended to achieve at Mapinga.”

The Mapinga experience offers critical lessons for Zimbabwe’s industrialisation drive. Land allocation must balance investor needs with national interests, but excessive rigidity can deter capital. Farmers and miners on project sites must be engaged early and fairly, with clear pathways for relocation or integration. Investor due diligence must also include a rigorous assessment of financial capacity, particularly in volatile commodity markets.

For now, the Mapinga vision is on hold. The land, the concept, and the urgent need for beneficiation remain. What is missing is an investor willing to operate within Zimbabwe’s framework and capable of delivering on the country’s industrial ambitions.

“Mapinga, for now, I don’t think we are still pursuing it,” Kunaka concluded.

Gold buying prices in Zimbabwe per gram/ ounce, 18 March 2026

Gold buying prices in Zimbabwe per gram/ ounce, 18 March 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above151.884,723.67
SG 85% and above but below 90%150.274,673.60
SG 80% and above but below 85%148.664,623.53
SG 75% and above but below 80%147.064,573.46
Sample 5g and above but below 10g144.644,498.19
Fire Assay CASH152.684,748.56

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

Zimbabwe Targets End of 2026 for Mzarabani oil project Finalisation

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Zimbabwe is aiming to finalise the long-awaited Petroleum Production Sharing Agreement (PPSA) with Australian oil and gas explorer Invictus Energy by the end of 2026, according to Pfungwa Kunaka, the Permanent Secretary in the Ministry of Mines and Mining Development.

By Rudairo Maparanga

Speaking at a high-level workshop on energy minerals hosted by ActionAid Zimbabwe, Kunaka acknowledged that the agreement—a critical legal and fiscal framework governing how future oil and gas revenues will be shared between the government and Invictus—has been in negotiation for an extended period due to its complexity and significant international interest in its provisions.

“It has taken time because it is a legal document. There is very much international interest in what it contains,” Kunaka said. “We forecast by the end of 2026, we will have completed the PPSA.”

The timeline extension reflects the intricate nature of crafting a framework that must satisfy both domestic development objectives and the expectations of global investors.

“The investor wants it to be structured in a way that attracts investment,” he added, underscoring the PPSA’s role as the essential precondition for Invictus to secure the substantial financing required to move from exploration to commercial production at its Cabora Bassa Project in Muzarabani District.


What is a PPSA and Why Does It Matter?

A Petroleum Production Sharing Agreement is a legally binding contract between a government and an oil and gas company that outlines the terms under which the company can explore for and produce hydrocarbons. Unlike a simple tax-and-royalty system, a PPSA typically allows the government to receive a share of the actual oil and gas produced, rather than just taxes on profits.

For Zimbabwe, this structure serves multiple strategic purposes. It demonstrates responsibility by both the mining company and the government in managing national resources. It provides investment incentives by creating a transparent, predictable framework that international investors require before committing capital. Crucially, it ensures national benefits flow directly to Zimbabwe once commercial extraction begins.

The PPSA negotiations between Invictus Energy and the Zimbabwean government have been years in the making. The agreement is essential for Invictus to advance its Cabora Bassa Project, which has already recorded significant exploration success, including discoveries at the Mukuyu gas field.

In March 2025, the government and Invictus reached a landmark decision to consolidate two separate agreements—the Petroleum Production Sharing Agreement and the Petroleum Exploration Development and Production Agreement (PEDPA)—into a single, unified legal framework. This consolidation was designed to streamline approval processes, reduce bureaucratic duplication, and provide long-term regulatory clarity.

Scott Macmillan, Invictus Energy’s Managing Director, explained at the time that the unified agreement would provide “a clearer path forward and reflect the shared commitment to enabling a successful development.”

By late 2025, Invictus announced that the PPSA process had been finalised, with formal execution originally expected in January 2026. However, that timeline has since shifted.


Progress on the PPSA has continued despite a significant setback for the company. In late 2025, its proposed strategic partnership with Qatari investment group Al Mansour Holdings collapsed. The failed deal, which would have injected up to US$500 million into Invictus and potentially handed the Qatari firm and other investors a 50% stake, wiped approximately US$89.81 million off the company’s market value.

Earlier, in August 2025, Al Mansour Holdings had acquired a 19.9% stake in Invictus and pledged up to US$500 million in conditional funding—a deal that had sent Invictus shares surging and more than doubled the company’s market value. The collapse of that partnership added further complexity to the negotiations.

Kunaka’s confirmation that the PPSA is now expected by the end of 2026 represents a significant extension from earlier forecasts. In February 2026, multiple media reports indicated that execution was expected by the end of the first quarter of 2026. The African Energy Chamber reported in December 2025 that formal execution was anticipated in January 2026 following the successful completion of the PPSA process.


The extended timeline reflects the detailed work required to finalise a document that will govern one of Zimbabwe’s most significant energy projects for decades to come. Independent estimates suggest the Mukuyu gas field alone could hold up to 20 trillion cubic feet of gas and 845 million barrels of conventional gas condensate, placing it among the most significant sub-Saharan African discoveries in recent years. In addition, the basin hosts light oil and commercially attractive helium concentrations, further enhancing its strategic value.


What the PPSA Contains

While the final terms remain confidential until execution, Invictus has previously disclosed key elements of the draft agreement. According to Macmillan, the PPSA includes a product and profit petroleum split between Zimbabwe and the company that aligns with regional standards, ensuring Zimbabwe receives a fair share of its resources.

The agreement also provides fiscal and non-fiscal incentives essential for importing specialised equipment, services, and personnel required for drilling and development activities. It establishes an internationally competitive legal and commercial structure designed to attract foreign direct investment.

Some reports indicate that the government’s share could be as high as 40% of production, with the Mutapa Investment Fund—holding a 10% partnership in the project—managing the state’s interest.

The Cabora Bassa Project has already been granted National Project Status by the Zimbabwean government, a designation that provides fiscal incentives, duty exemptions on imported equipment, priority access to infrastructure, and expedited permitting. This status recognises the project’s potential to deliver national economic impact, employment creation, and energy security.

Once the PPSA is finalised, it is expected to unlock the next phase of work, including appraisal activities at the Mukuyu Gas Field and the drilling of the Musuma-1 exploration well, targeted for the first half of 2026.

“Musuma-1 is the first high-impact exploration well to be drilled outside the Mukuyu gas-condensate discovery area,” Invictus has stated. Success at Musuma-1 could unlock a substantial new resource base in addition to the proven Mukuyu Gas Field.

Early gas monetisation plans are already being considered, including a proposed gas-to-power project for the Eureka Gold Mine, illustrating how Cabora Bassa gas could be leveraged to deliver immediate domestic benefits once production begins.


Kunaka confirmed that the focus across key government institutions—including the Mutapa Investment Fund, the Ministry of Mines, and the Ministry of Finance—is to conclude the PPSA. This coordinated approach reflects the strategic importance of the agreement for Zimbabwe’s energy future and its ambitions to attract large-scale foreign investment into the sector.

With Invictus having already invested approximately US$90 million in exploration activities in Zimbabwe, the finalisation of the PPSA represents the last major piece of the regulatory puzzle required to transition the Cabora Bassa Project from exploration to commercial development.

The African Energy Chamber has welcomed the progress, describing the completion of the PPSA process as a “landmark moment for Zimbabwe and for African energy more broadly.”

“It shows that when governments put in place clear policy, transparent regulation, and competitive fiscal terms, Africa can unlock its resources and attract investment at scale,” the Chamber stated.

For Zimbabwe, the coming months will test whether the extended timeline can finally deliver the certainty investors require. For Invictus, the PPSA remains the key that unlocks the next chapter of the Cabora Bassa story. And for the nation, the promise of energy security, foreign investment, and a share of substantial resource wealth hangs in the balance.

Daily Mineral Prices – 17 March 2026

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Daily Mineral Prices: Chrome, Lithium, Platinum and Copper Trends Today

MineralPrice Range (USD)TrendKey Demand Market
Chrome (UG2 42%)$250 – $300 /t⬆️ RisingChina
Lithium Carbonate$13,000 – $15,000 /t⬇️ SofteningChina, EV battery market
Antimony$13,500 – $15,500 /t⬆️ StrongChina, EU (flame retardants)
Copper$8,400 – $8,800 /t⬆️ FirmChina, global infrastructure
Nickel$16,000 – $17,500 /t➡️ StableChina, stainless steel
Coal (Thermal)$95 – $115 /t➡️ StableIndia, China
Platinum$900 – $950 /oz⬆️ Gradual riseAutomotive (catalysts)
Palladium$950 – $1,050 /oz➡️ StableAutomotive

Gold buying prices in Zimbabwe per gram/ ounce, 17 March 2026

Gold buying prices in Zimbabwe per gram/ ounce, 17 March 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above152.484,742.26
SG 85% and above but below 90%150.864,691.88
SG 80% and above but below 85%149.254,641.81
SG 75% and above but below 80%147.644,591.74
Sample 5g and above but below 10g145.224,516.67
Fire Assay CASH153.294,767.45

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.