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Petroleum Sharing Agreement for Muzarabani Oil and Gas Project Now in Place

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Government has announced that the long-awaited Consolidated Petroleum Production Sharing Agreement (PPSA) and the Petroleum Exploration and Production Agreement (PEPA) for the Muzarabani Oil and Gas Project are now in place, paving the way for further development of the project which has been granted national project status, Mining Zimbabwe can report.
By Rudairo Mapuranga
Information Minister Dr Jenfan Muswere confirmed the development after today’s Cabinet briefing, noting that the agreement represents a major milestone for Zimbabwe’s emerging oil and gas sector.
Mines and Mining Development Minister Winston Chitando provided context on the progress of the Muzarabani project, explaining that the sequence of exploration work had confirmed potential commercial viability.
“Initially, a seismic survey was carried out to locate the best drilling sites in the basin. A rig was then brought in, and drilling took place with samples tested locally and internationally. Results pointed to commercial potential, which necessitated the negotiation of a production sharing agreement. An inter-ministerial committee engaged with the investor’s team to produce a draft, which is now finalised. The fact that the rig remains in-country on standby shows that further drilling will proceed soon,” Chitando said.
The finalisation of the PPSA comes after years of speculation and investor frustration over delays. In February, Invictus Energy Managing Director Scott Macmillan had highlighted the PPSA as the cornerstone for ensuring equitable value sharing from the Cabora Bassa Project. At the time, stakeholders had expressed skepticism, with some questioning whether the delays would ever end.
Invictus, which is listed on the Australian Stock Exchange and the Victoria Falls Stock Exchange, has already recorded significant exploration success in the Cabora Bassa Basin, including discoveries at the Mukuyu field. However, despite these achievements, investors had grown increasingly impatient, with one bluntly remarking, “It is all about the PPSA. Nothing else matters right now.”
Now that the agreement is in place, optimism is likely to return as the deal secures a regulatory framework critical for investment, revenue-sharing, and long-term development of Zimbabwe’s gas industry. Invictus has also outlined plans for further drilling, a new exploration well at Masuma 1, and a pilot gas-to-power project that will supply nearby mines with reliable energy.
The Muzarabani oil and gas venture has the potential to transform Zimbabwe’s energy landscape by reducing dependence on imports, creating jobs, and generating foreign currency. With the PPSA finally secured, government and investors alike will now be under pressure to turn exploration success into commercial reality.
Rudairo Dickson Mapuranga

Mining Journalist

 Media Practitioner
+263784758657

Invictus Secures US$0.5 billion Qatar Lifeline, Sells 19.9% Stake to Drive Cabora Bassa to Production

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Victoria falls stock exchange listed oil and gas company, Invictus Energy has struck a landmark deal with Qatar’s Al Mansour Holdings that could reshape Zimbabwe’s upstream oil and gas landscape, sealing a US$500 million conditional financing package while selling a 19.9% equity stake to the Gulf investment group, Mining Zimbabwe can report.
By Rudairo Mapuranga
The agreement, announced this week, gives Invictus the financial firepower to push its flagship Cabora Bassa project in northern Zimbabwe from exploration into commercial production. Alongside the deal, the two parties are launching Al Mansour Oil & Gas (AMOG), a joint venture targeting wider African oil and gas acquisitions.
For a company that has been navigating Zimbabwe’s resource frontier largely on its own, this is the clearest signal yet that global capital is willing to back Cabora Bassa.
“We see this as just the beginning,” said Sheikh Mansour, Al Mansour Holdings Chairman, underlining Qatar’s ambitions to build a broader footprint in African hydrocarbons.
Invictus Managing Director Scott Macmillan described the deal as a “transformational milestone,” stressing that the funding secures the path to commercialisation. “This ensures Cabora Bassa can move from potential into production, and with AMOG, we now have a vehicle for regional expansion,” he said.
Zimbabwe, which has long awaited a breakthrough in petroleum development, is central to the agreement. If realised, Cabora Bassa would mark the country’s first oil and gas production project, with ripple effects on energy security, industrial growth, and foreign currency generation.
The US$500 million financing is conditional, with specific milestones expected to be met as the project advances. Still, the injection of Qatari capital positions Invictus among a rare group of junior explorers globally able to court sovereign-scale backers.
For the government, the deal reinforces Harare’s narrative of Zimbabwe as an emerging frontier for energy and resource investors.
The creation of AMOG signals that the partnership is not confined to Zimbabwe. The joint venture will scan the continent for upstream opportunities, leveraging Invictus’s exploration track record and Al Mansour’s capital muscle.
At a time when many international players are pulling back from African hydrocarbons, Invictus’s coup is both a win for Zimbabwe and a reminder that frontier energy still attracts big money when geology meets the right partnerships.
Rudairo Dickson Mapuranga

Mining Journalist

 Media Practitioner
+263784758657

Online Export Permit System Nears Completion, but Miners Still Face Costly Delays

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As part of the Economic Growth and Stability pillar of the National Development Strategy 1, the Minister of Mines and Mining Development has revealed that the establishment of Zimbabwe’s online export permit system is now 90% complete, with some mines already identified for trial runs, Mining Zimbabwe can report.
By Rudairo Mapuranga
Minister of Information, Publicity and Broadcasting Services, Dr Jenfan Muswere, added that this milestone is expected to modernize the country’s mineral marketing framework, improve efficiency, and reduce leakages in the sector.
However, while progress on the online system is being celebrated, the current state of the export approval process paints a far less encouraging picture for miners. Some mining companies have been waiting for over two months to receive clearance to export a 100-ton sample of mica to their off-take partners abroad. Despite securing permits and even receiving advance payments from customers, the shipment remains stuck in bureaucratic limbo.
The delays, which miners say stem from conflicting positions between the Ministry of Mines and the Minerals Marketing Corporation of Zimbabwe (MMCZ), are threatening livelihoods. Off-take partners are reportedly growing impatient, with some walking away from deals altogether.
“These inefficiencies are damaging legitimate businesses,” one miner remarked privately, pointing out that neighboring countries process export paperwork far quicker. In Mozambique, the approval can take as little as two days, while in Zambia it is typically cleared within a week. By contrast, Zimbabwean miners are left waiting two to six months.
The drawn-out process has raised fears that the system may be unintentionally pushing miners toward smuggling as a faster alternative. Reports suggest some producers are already moving goods through neighboring countries, depriving Zimbabwe of much-needed foreign currency earnings.
Industry observers argue that without clear communication and coordination between MMCZ and the Ministry of Mines, miners will remain trapped in uncertainty. Unless these bottlenecks are urgently addressed, the government’s efforts to modernize the system may fail to restore confidence.
For now, while the near completion of the online export permit system is welcome, miners are watching closely to see whether it will truly resolve the inefficiencies that have long plagued the sector — or simply add another layer of delay.
Rudairo Dickson Mapuranga

Mining Journalist

Media Practitioner
+263784758657

Gold buying prices per gram in Zimbabwe, 26 August 2025

Gold buying prices per gram in Zimbabwe today, 26 August 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$101.30/g.
SG ABOVE 89% BUT BELOW 90% US$100.23/g.
SG ABOVE 80% BUT BELOW 85% US$99.15/g.
SG ABOVE 75% BUT BELOW 80% US$98.08/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$96.47/g.

Fire Assay CASH $101.83/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.

Unpacking the 2025 Platinum Price Resurgence: Supply Challenges, Market Dynamics, and Zimbabwe’s Growing Role in PGMs

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In 2025, the Platinum Group Metals (PGMs) market is experiencing a notable price rebound. Platinum has surged nearly 25% year-to-date, breaking above US$1,250 per ounce—its highest level in four years.

By Ryan Chigoche

Meanwhile, palladium trades near US$1,100 per ounce, and rhodium holds strong around US$5,400 per ounce, reflecting tight market conditions across the entire PGM complex.

This price strength is underpinned by a growing imbalance between supply and demand.

The World Platinum Investment Council (WPIC) forecasts a 966,000-ounce platinum deficit for 2025, marking the third consecutive annual shortfall.

South Africa, the world’s largest platinum producer, supplying over 80% of global output, continues to grapple with power outages, mine shutdowns, and chronic underinvestment, constraining new supply growth.

WPIC warns that if current trends persist, above-ground platinum inventories could shrink to just six weeks of demand cover by 2028, applying sustained upward pressure on prices.

Despite these supply concerns, platinum’s supply and demand are highly price inelastic in the short term—meaning recent price gains have yet to significantly boost production or curb demand, keeping the market structurally tight.

Platinum’s industrial demand remains robust, anchored by its essential role in automotive catalytic converters, growing applications in the hydrogen economy, and resilient jewellery markets, particularly in China.

The metal’s expanding use in hydrogen fuel cells and electrolysers ties it closely to global decarbonization efforts, adding new layers of long-term demand.

Investor Sentiment Turns: Platinum as the Next Big Precious Metal Play

As platinum fundamentals tighten, investor sentiment is also shifting.

After focusing heavily on gold over the past two years, institutional and retail investors are increasingly viewing platinum as a value play within the precious metals space.

Gold has rallied more than 32% in 2025, crossing above US$3,500 per ounce, but platinum’s relatively lower price and tightening fundamentals are drawing fresh interest.

Commodity research firm GSC Commodity Intelligence described the current market as “a rare alignment of macroeconomic, industrial, and investment forces,” forecasting that platinum prices could climb toward US$4,000 per ounce in the coming years, potentially outpacing gold’s gains.

Growing speculative interest and ETF inflows have added momentum to the rally. Investors are increasingly seeing platinum not only as an industrial metal but also as a store of value and inflation hedge.

Supporting this optimism, Valterra Platinum CEO Craig Miller shared a bullish outlook in a recent interview, highlighting structural supply deficits and resilient demand as key drivers.

Miller downplayed concerns over battery electric vehicles (BEVs) eroding PGM demand, noting, “BEVs accounted for just 10% of global vehicle sales in 2023 and 2024.

That leaves 90% of the market still reliant on internal combustion engines or hybrids—both of which depend on PGMs.”

Valterra, which owns Zimbabwe’s Unki Mine alongside South African operations at Mokala Kwena, Amandelbult, and Mototolo, is focused on capital discipline and operational efficiency to capitalise on the price environment.

Miller confirmed the company has no immediate plans for mergers or acquisitions, opting instead to maximise value from its existing assets.

The recent uplift in PGM prices is also positive news for emerging Zimbabwean developer Karo Platinum, whose commissioning has been delayed by years of subdued market conditions.

Karo Platinum’s flagship Karo Project, located in Zimbabwe’s Great Dyke region, is expected to produce approximately 190,000 ounces of PGMs annually at full capacity once fully operational.

The improving market backdrop enhances the project’s prospects, positioning Karo as a significant contributor to Zimbabwe’s expanding PGM output.

Meanwhile, Zimbabwe’s established producers are experiencing varied operational performances in 2025 amid these market shifts.

Zimplats, the country’s largest platinum producer and a subsidiary of Impala Platinum, reported an 11% year-on-year decline in mining volumes during the first quarter of 2025, primarily due to shortages of trackless mobile machinery and intermittent power disruptions.

This downturn underscores ongoing operational challenges but also highlights the importance of sustained favourable prices to support investment and stability.

In contrast, Mimosa Mining Company, co-owned by Sibanye-Stillwater and Impala Platinum, recorded a 13% increase in 6E concentrate production for the quarter ending March 31, 2025.

This growth was driven by improved plant recoveries despite facing power interruptions and difficult ground conditions.

Mimosa’s resilience signals the potential for Zimbabwean producers to capitalise on rising PGM prices through operational efficiencies and ongoing optimisation.

Rally Ripples Across the PGM Basket

The platinum rally is also influencing other PGMs.

Palladium, which peaked above US$2,500 per ounce in previous years, currently trades around US$1,100, offering potential accumulation opportunities amid steady automotive demand from petrol and hybrid vehicles.

Rhodium, often the most volatile PGM, remains elevated near US$5,400 per ounce, with forecasts indicating a 23% decline in inventories this year, sustaining a tight market.

While platinum leads, the performance of palladium and rhodium remains closely tied to the broader PGM supply-demand fundamentals.

With multi-year supply deficits, diversified industrial demand, green energy adoption, and renewed investor focus, analysts see 2025 as the possible start of a long-term upcycle in PGMs.

For producers like Valterra, emerging players like Karo Platinum, and established operators such as Zimplats and Mimosa, platinum’s resurgence marks a pivotal moment, reestablishing its central role in the global precious metals market.


This article first appeared in the Mining Zimbabwe Magazine Edition 81 

Unlocking Zimbabwe’s Mineral Wealth Starts with Funding Our Own Exploration

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Zimbabwe’s mining sector is standing at a critical crossroads: one road leads to missed opportunities buried beneath underfunded potential, the other toward long-term value if local exploration is taken seriously and funded accordingly, Mining Zimbabwe can report.

By Rudairo Mapuranga

With over 50,000 registered mining claims and untapped geological wealth in gold, platinum group metals, lithium, and coal, Zimbabwe should be well on its way to becoming Africa’s mining giant. Yet many claims remain dormant, choked by a familiar enemy—lack of funding and limited technical capacity.

At the recent Chamber of Mines Annual Conference held in Victoria Falls, stakeholders echoed what many in the industry already know: without a strong culture of financing early-stage exploration locally, Zimbabwe risks missing the next wave of global mining investment.

ZIDA Chief Executive Tafadzwa Chinamo bluntly stated that the nation’s failure to build a robust domestic funding ecosystem has stifled the pipeline of viable mining projects.

“The groundwork we lay now will determine the scale of mining investment we attract over the next decade,” he said. “We haven’t landed a big mining house in a while, and it all starts with exploration.”

Unlike countries such as Canada or Australia, where pension funds and stock exchanges routinely fund junior explorers, Zimbabwe remains hesitant. Local pension funds, banks, and institutional investors still view mining as high-risk and underwrite very little. Chinamo insisted this needs to change.

“You don’t need hundreds of millions to start. What we need is local financial institutions to have skin in the game.”

The Missing Link Between Interest and Investment

Mining remains Zimbabwe’s largest magnet for foreign direct investment, but attracting serious players means building a foundation from the bottom up. This includes funding geological surveys, empowering junior miners, and creating legal and financial mechanisms tailored for high-risk exploration.

ZIDA is now engaging with financial regulators to push for reforms allowing structured local investment, such as stock exchange listings or special-purpose vehicles, to raise capital for prospecting.

“If we don’t build our own capacity to support early exploration, we won’t have the assets to showcase to serious investors,” Chinamo warned.

The urgency is not just about big mining houses. Artisanal and small-scale miners (ASM), who account for over 60% of Zimbabwe’s gold deliveries, are also feeling the crunch of underinvestment.

Formalisation and Financing ASM: The Missing Piece in Gold Growth

Zimbabwe Miners Federation President Henrietta Rushwaya, also speaking at the conference, called for a re-imagined financing strategy for small-scale miners.

“These are the backbone of our gold production,” she said. “But many lack collateral and documentation, meaning they are excluded from mainstream financial markets.”

Rushwaya urged the government to expedite the rollout of micro-loans, cooperative funding, and easing models specifically for ASM players.

“Without formalisation and access to funding and equipment, we’re not only limiting production—we’re losing a chance to build the legitimate economy.”

The Ministry of Mines, led by Acting Chief Director Leon Godza, also confirmed their commitment to supporting ASM players with policies that promote contract mining, mechanisation, and toll processing partnerships.

“We are rolling out the computerised cadastre system to ensure claim ownership is clear,” Godza said. “But frequent changes in mining policy continue to create uncertainty. Investors and miners need predictability.”

The Case for Building Locally

The takeaway is clear: Zimbabwe cannot rely solely on international investors to shoulder the risks of early exploration or ASM capacity building. From pension funds to private equity, domestic capital must now lead.

This isn’t charity. This is smart economics. Artisanal and junior miners create jobs, generate forex, and drive rural development. Formalising and financing them is not a sideshow—it is the main act in building Zimbabwe’s mining future.

If we are to realise a multi-billion-dollar mining roadmap, the starting point must be underground—where the data, discovery, and deposits begin.

Because no investor will come to the show if we haven’t even built the stage.

ASM Urged to Prioritise Safety, Gender Equity and Responsible Mining Practices

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While Artisanal and Small-scale Miners (ASM) have been applauded for their contributions to the national fiscus, the sector continues to face critical challenges that threaten both miners’ welfare and the sustainability of mining operations, Donald Nyarota, Communication and Advocacy Officer at the Centre for Natural Resource Governance (CNRG), has said.

By Rudairo Mapuranga

Speaking at the Zimbabwe Diamond and Allied Minerals Workers Union (ZDAMWU) ASM Exchange Program, held at the Holiday Inn in Mutare, Nyarota emphasised the urgent need to address occupational health, safety, and environmental concerns, while also ensuring gender equity and responsible investment in the sector.

“There are challenges in the sector around occupational health and safety standards, and the rising mine-related accidents need to be solved. This industry should promote safe conditions for mine workers,” Nyarota said, highlighting findings from several research projects by CNRG that uncovered abuses within the sector requiring sustainable solutions.

Nyarota said mining accidents remain a pressing concern, with workers often operating in hazardous conditions without adequate protective equipment. He urged industry players to prioritise safety and implement systems that reduce accidents and fatalities.

“Mine-related accidents are rising, and these must be addressed sustainably,” he said.

Highlighting the gendered nature of mining impacts, Nyarota said women in mining and surrounding communities continue to bear a disproportionate burden.

“We want a strategy that is tangible and really addresses these gendered impacts,” he said, noting that unpaid care work and community responsibilities further exacerbate the challenges faced by women in ASM.

The CNRG official stressed that environmental degradation in mining areas directly affects communities. Poor rehabilitation practices and climate-related impacts compound socio-economic vulnerabilities.

“When the environment is damaged and left without rehabilitation, it is the communities that suffer,” Nyarota said.

He called for accelerated amendments to the Mines and Minerals Bill, alongside proper enforcement mechanisms, to ensure environmental protection becomes integral to artisanal mining.

Nyarota also lauded government initiatives, particularly the introduction of a mining cadastral system aimed at preventing double allocation of claims. He noted that Manicaland will pioneer the system, ensuring clarity and transparency in mining rights.

“The government has also undertaken a stance to include women in the upcoming Mine Affairs Board, which is going to be cross-representative across our provinces. These are key developments in the sector,” he said.

Nyarota called on miners to support unionisation efforts, warning against resistance from mine owners that undermines workers’ representation and the push for decent work.

“Every worker should be represented. In that representation, it should engender the decent work that we want,” he said.

He also emphasised the importance of attracting responsible investors who respect laws, cultural values, and community rights while contributing positively to the economy.

“Our government has been pushing for foreign direct investment, and we are calling for responsible investors that will not violate the rights of our society,” he said.

Nyarota encouraged participants to raise issues constructively, emphasising collaboration over blame.

“This is a safe space where we discuss issues progressively without pointing fingers… Let us look at how we can improve the issues that we are going to raise,” he said.

Global Air Cylinder Wheels Raises $3.2M to Revolutionize Mining Tires

Arizona-based company, Global Air Cylinder Wheels (GACW), has raised $3.2 million through its third Regulation CF equity crowdfunding campaign, advancing its strategy to secure funding for purchase orders, commercialisation, and expansion of its innovative wheel technology worldwide.

At the heart of GACW’s innovation is the Air Suspension Wheel (ASW), a non-pneumatic, steel-based wheel that integrates in-wheel suspension and damping using nitrogen-filled cylinders and dampers. Unlike conventional rubber tires, the ASW is designed to be safer, longer-lasting, and environmentally sustainable.

Mining companies face steep costs from tire replacement, safety risks from overheating, and environmental challenges tied to tire disposal. Tires, alongside fuel and payroll, are among the industry’s biggest expenses, with traditional tires wearing out quickly due to rock cuts, impacts, and heavy loading.

Key Benefits of ASW Technology

  • Durability: Built to last 10–15 years, the full lifespan of a mining vehicle
  • Safety: No risk of overheating or explosion
  • Sustainability: 100% rebuildable and recyclable, with replaceable treads that cut waste
  • Adaptability: Customizable to payload, speed, weight, and other operational needs
  • Cost Savings: Up to 60% lower lifetime ownership cost than rubber tires
  • Time Efficiency: Treads can be replaced without removing the wheel, saving hours of downtime
  • Environmental Impact: Cuts microplastic pollution, landfill waste, and emissions
  • Fuel Efficiency: Reduced rolling resistance lowers fuel consumption

Mining remains GACW’s primary commercialisation focus, though the technology also has potential applications in commercial trucking, logistics, military vehicles, and electric mobility.

“Our mission is to redefine what’s possible for industrial wheels,” said GACW CEO Harmen van Kamp. “We’re delivering a solution that reduces operator costs, enhances worker safety, and drastically lowers environmental harm. With our funding strategy and production plan, we’re on track to make the Air Suspension Wheel the industry standard in mining and beyond.”

Invictus Signs Strategic Agreement with Qatar’s Almanzo Holdings

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Invictus Energy, the company exploring for oil and gas in the Muzarabani Basin, has signed a private agreement with Almanzo Holdings during a visit by a Qatari delegation to Zimbabwe.

By Rudairo Mapuranga

The signing took place at State House, where President Emmerson Mnangagwa met with the delegation, which also signed Memoranda of Understanding with the Ministry of Industry and Commerce and the Agricultural Development Authority (ARDA), Mining Zimbabwe can report.

The agreement between Invictus and Almanzo Holdings is expected to strengthen cooperation in Zimbabwe’s energy sector, opening avenues for investment and development in oil and gas exploration.

Speaking after the signing, Invictus Managing Director and Chief Executive Officer Scott McMillan said the agreement marked the start of a long-term partnership.

“As Invictus, we have been building our relationship with Almanzo Holdings and the Sheikh in Qatar over the last year, and we’re very pleased to be taking a very big step to cement our partnership for the future,” McMillan said.

A representative of Almanzo Holdings described the signing as the beginning of a strong relationship with Zimbabwe, signalling a commitment to mutual growth and investment.

The engagement with the Qatari delegation underscores Zimbabwe’s continued focus on attracting international investors to support key economic sectors, particularly energy, industry, and agriculture. The visit highlights the country’s ambition to expand strategic partnerships that can contribute to sustainable development and long-term economic growth.

VP Chiwenga Engages India on Diamond Value Addition

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Vice President of Zimbabwe, Retired General Dr Constantine Guvheya Chiwenga, is in India where he is leading a delegation engaging companies in Surat involved in diamond cutting, polishing and jewellery manufacturing, Mining Zimbabwe can report.

By Rudairo Mapuranga

The visit is centred on strengthening Zimbabwe’s push towards value addition and beneficiation of its minerals, particularly diamonds, in line with the country’s Vision 2030 agenda. Zimbabwe is seeking to tap into India’s vast experience in the diamond sector to ensure maximum benefit from its mineral resources.

As part of the ongoing discussions between Harare and New Delhi, an arrangement has been made for 50 Zimbabwean students to undergo training in advanced diamond cutting and polishing techniques. The training is expected to equip young Zimbabweans with critical skills that will enable the country to expand its footprint in the global diamond industry while creating more opportunities locally.

The engagements are also aimed at reducing the role of middlemen in Zimbabwe’s diamond trade and ensuring that the country retains more value from its resources. India, being the world’s largest diamond processing hub, presents Zimbabwe with a strategic partner in its quest to grow exports, create jobs and boost foreign currency earnings through beneficiation.