Mining ZimbabweLatest Mining News, Policy and Industry Updates

Invictus Energy has awarded a key well services contract to global oilfield services company SLB for the Musuma-1 exploration well in Zimbabwe’s Cabora Bassa Basin, bringing the company closer to its planned November drilling campaign, Mining Zimbabwe can report.

By Ryan Chigoche

The contract covers specialised well services, technology and operational resources required for the drilling programme, with equipment preparation, logistics and mobilisation now moving into the next phase.

The award comes as work accelerates across the Musuma-1 site, where construction of the wellpad, access roads and associated civil infrastructure is already underway ahead of the mobilisation of Exalo S.A.’s Rig 202.

Invictus managing director Scott Macmillan said securing SLB marked another critical step in preparing for the campaign, with several workstreams now progressing simultaneously.

“Securing SLB completes another critical component of the Musuma-1 campaign and significantly advances operational readiness ahead of drilling,” Macmillan said.

The involvement of SLB also provides continuity from Invictus’ earlier drilling programme at the Cabora Bassa Project, where the company made its Mukuyu gas-condensate discoveries.

The Mukuyu-2 campaign in 2023 confirmed gas discoveries in the Upper and Lower Angwa formations, establishing a petroleum system in the basin and giving Invictus a foundation from which to pursue additional exploration targets.

Musuma-1, however, is intended to test a different geological play outside the Mukuyu discovery area. The prospect lies in the eastern portion of Invictus’ Cabora Bassa acreage and carries an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet of gas and 73 million barrels of condensate.

That makes the November well significant beyond the immediate drilling campaign, as a successful result could provide evidence of additional hydrocarbon potential across the wider basin.

Invictus holds a 360,000-hectare position in the Cabora Bassa Basin and has identified multiple prospects through its seismic exploration programme. The company describes the basin as one of Africa’s major frontier rift basins, with exploration dating back to Mobil Oil’s work in the 1990s.

The latest drilling preparations follow the signing of a Petroleum Production Sharing Agreement between Zimbabwe and Invictus in May, which established the legal and fiscal framework governing exploration, appraisal, development and production at the project. Mining Zimbabwe reported at the time that the agreement cleared an important hurdle for the project to move into its next operational phase.

At the operational level, Exalo has now commenced maintenance, inspection and readiness work on Rig 202 ahead of its move to the Musuma-1 wellsite.

Once the programme is completed, the rig will be mobilised to the wellpad, where it will undergo rig-up, final commissioning and acceptance before drilling begins.

Invictus is also coordinating the mobilisation of drilling materials, tubulars, wellhead equipment and SLB’s well services equipment as it works towards the November spud.

The company said customary cultural ceremonies with local traditional leaders were conducted last week as part of the preparations, reflecting its engagement with communities around the project.

“With key drilling and well services now secured, and multiple workstreams progressing in parallel, Musuma-1 remains firmly on track to spud in November 2026,” Macmillan said.

“Execution activity is now accelerating across the project,” he added.

For Zimbabwe’s emerging oil and gas industry, the well represents another test of whether the hydrocarbon potential identified through the Cabora Bassa exploration programme can be extended beyond the Mukuyu discovery.

A successful Musuma-1 result would give Invictus another exploration success to build on as it advances appraisal and potential commercialisation of the basin’s resources.

Redwing Mine has rejected a notice purporting to place the gold mine under corporate rescue, describing the claims as false and defamatory and warning that it will pursue civil and criminal remedies against those responsible, Mining Zimbabwe can report.

By Rudairo Mapuranga

In a statement dated September 11, 2026, Redwing said it was aware of a notice published by Raynos Gumbo of Gumbo & Associates concerning the purported placement of Redwing Mine under corporate rescue.

The company categorically denied initiating or authorising any such proceedings.

“The Company categorically states that it has not placed itself under corporate rescue, nor has it authorised or instructed anyone, including Gumbo & Associates, to act on its behalf in any such proceedings. This claim is false,” Redwing said.

The company said it considered the notice defamatory and alleged that the purported proceedings formed part of broader attempts to interfere with its affairs and disrupt its operations.

“The purported proceedings form part of a series of fraudulent attempts to unlawfully interfere in the Company’s affairs and disrupt its operations. Similar previous attempts have been successfully resisted,” the company said.

Redwing said it was pursuing all available civil and criminal remedies against Gumbo and any other individuals or entities it holds responsible for the actions.

The company also said it was lodging a formal complaint with the Law Society of Zimbabwe over what it described as “serious and unprofessional conduct” by one of its members.

In addition, Redwing said it was lodging a criminal complaint with the Zimbabwe Republic Police over what it described as the fraudulent use of its name, corporate identity and purported authority.

The dispute comes as Redwing Mine, which is owned by Nasdaq-listed Namib Minerals, works towards restarting operations at the historic gold mine.

Namib Minerals has outlined a five-step pathway towards the restart, including dewatering, completion of a Definitive Feasibility Study, resource definition drilling, construction and the eventual return to production.

The company said the latest developments would not derail those plans, assuring stakeholders that the restart programme remained on course.

“We assure our stakeholders that Redwing Mine remains firmly on course with its restart programme. We will not allow deliberate attempts to mislead the public, disrupt our operations or derail the progress we are making towards restart,” the company said.

Redwing is a historically significant gold operation, with the project currently reported to contain 1.18 million ounces of measured and indicated gold resources and a historical production record of approximately 650,000 ounces.

Mining Zimbabwe could not independently verify the claims contained in the disputed notice at the time of publication.

Tharisa has secured US$300 million in bond financing to advance its Karo platinum project in Zimbabwe, closing a substantial part of the funding requirement for the US$545 million development as it targets first ore in late 2027, Mining Zimbabwe can report.

By Ryan Chigoche

The five-year senior secured Nordic bond, priced at an 11% coupon, was oversubscribed by more than 150 institutional investors, giving Tharisa capital to move Karo into its peak construction phase.

Tharisa has previously put Karo’s development cost at about US$545 million and disclosed roughly US$241 million in investment in the project, meaning the latest bond could cover a substantial portion of the remaining requirement.

Karo’s first phase is designed to produce about 226,000 ounces of PGMs a year, adding significant new production to Zimbabwe’s established platinum industry, which includes Zimplats, Unki and Mimosa.

The funding marks a shift for Karo after its development timeline was affected by weaker PGM prices and more difficult financing conditions. The project is now advancing as platinum prices recover, improving the backdrop for Tharisa’s expansion into Zimbabwe.

The bond was issued by Arxo Finance Plc, a wholly owned Tharisa subsidiary, at 98% of face value. The proceeds will be held in escrow pending satisfaction of release conditions and will primarily fund Karo’s development and construction.

Tharisa expects first ore to reach the mill in the fourth quarter of 2027.

The financing follows two other milestones for the project. Tharisa signed a Special Mining Lease Agreement with the Zimbabwean government on Aug. 20, strengthening the long-term tenure and fiscal framework for Karo.

It has also secured a long-term offtake agreement with Valterra for PGM concentrate from the project, giving the future operation a committed market for part of its production before it reaches first ore.

The project is located on Zimbabwe’s Great Dyke, one of the world’s major PGM-bearing geological formations. Tharisa expects Karo to more than double its PGM output once the project is fully developed.

The Zimbabwe government holds a 15% free-carried interest in Karo through Generation Minerals, giving the project a direct stake in the country’s mineral development ambitions.

The financing comes as the PGM market shows signs of improvement. Platinum traded above US$1,800 an ounce in early September, while Tharisa’s spot PGM basket price was about US$2,719 an ounce.

Tharisa’s chrome business also remains part of its strategy for funding PGM growth, with spot chrome prices at about US$290 a tonne.

“Karo is now positioned to enter the peak construction phase with confidence,” Chief Executive Officer Phoevos Pouroulis said.

The bond also expands Tharisa’s funding base beyond traditional bank debt and equity, bringing international fixed-income investors into the company’s expansion plans.

Tharisa is developing Karo alongside the transition of its namesake mine in South Africa from open-pit to underground operations.

Development of the Apollo underground complex, which began in March, is approaching first run-of-mine ore, with steady-state production targeted at 255,000 tonnes a month by the third quarter of 2029. The Orion complex is expected to follow, with first ore targeted for the 2031 financial year.

Together, the underground complexes are expected to extend mining at the South African operation by more than 60 years beyond depletion of the current open pit.

For Karo, the immediate focus is now construction, with the US$300 million bond providing much of the capital needed to advance the project toward its 2027 production target.

The development would give Tharisa a second Tier 1 PGM asset and add a new large-scale operation to Zimbabwe’s platinum sector as the country seeks to attract more capital into mineral production and beneficiation.

Zimbabwe’s mining sector continued to anchor the country’s external trade in July, with gold, other mineral products and nickel mattes generating nearly 70% of a US$1.47 billion export bill as the goods trade surplus widened to US$320.6 million, Mining Zimbabwe can report.

By Ryan Chigoche

Semi-manufactured gold was the single largest export category, accounting for 34.1% of total exports, followed by other mineral substances not elsewhere specified at 21.7% and nickel mattes at 13.5%, according to the latest data from the Zimbabwe National Statistics Agency.

Together, the three categories generated about US$1.02 billion, highlighting the continued concentration of Zimbabwe’s export earnings in mining and mineral products.

The dominance of minerals comes as Zimbabwe seeks to expand production, beneficiation and investment across its mining industry, which remains one of the country’s most important sources of foreign exchange.

Overall exports increased 1.9% in July from US$1.44 billion in June, while imports fell 4.5% to US$1.15 billion from US$1.20 billion.

That combination widened the trade surplus by 34.1%, from US$239.1 million in June to US$320.6 million in July.

The figures suggest that the stronger trade balance was supported by both higher exports and weaker imports, rather than a sharp acceleration in export growth alone.

Within the export basket, however, mining was far more significant than the headline monthly increase suggests. The three leading mineral categories alone accounted for more than two-thirds of all goods shipped out of Zimbabwe during the month.

Nickel was particularly important in Zimbabwe’s regional trade, with nickel mattes accounting for 53.6% of exports to the Southern African Development Community.

Zimbabwe exported US$371 million worth of goods to SADC in July, with iron and steel and related products contributing 7.5%, nickel ores and concentrates 5.9% and coke and semi-coke of coal 5.5%.

The four categories together accounted for about 73% of Zimbabwe’s exports to the regional bloc, underscoring the extent to which mineral and mineral-related products dominate the country’s trade with neighbouring markets.

The pattern was repeated under the African Continental Free Trade Area, where nickel mattes represented 53.3% of Zimbabwe’s US$373.2 million in exports.

Iron and steel and related products accounted for 7.5%, nickel ores and concentrates 5.9%, while coke and semi-coke of coal contributed 5.5%. Collectively, the four categories made up about 72% of exports to AfCFTA markets.

Zimbabwe’s major export destinations also reflected the concentration of its trade.

The United Arab Emirates, China and South Africa absorbed about 90% of total exports, with the UAE accounting for US$535.2 million, China US$466.8 million and South Africa US$316.4 million.

The concentration means that Zimbabwe’s mining export performance is closely tied not only to commodity production, but also to demand and trading relationships in a relatively small number of markets.

The UAE’s position as the largest destination is particularly significant given the weight of gold in Zimbabwe’s export basket, although the ZimStat data does not disaggregate the destination by individual commodity.

On the import side, South Africa remained the largest source of goods at US$398.6 million, followed by China at US$221.1 million, Bahrain at US$76.2 million and Mozambique at US$51.2 million.

The four countries accounted for about 65% of total imports, which stood at US$1.15 billion in July.

Mineral fuels and mineral oils and their products, machinery and mechanical appliances, vehicles, and electrical machinery and equipment were among the leading import categories.

The contrast between the export and import baskets points to an economy that continues to exchange a large share of its mineral output for imported fuel, machinery, equipment and other manufactured goods.

For Zimbabwe’s mining industry, the July numbers therefore underline both its strength and the structural dependence of the economy on mineral exports.

Gold and other minerals generated the bulk of export earnings, while nickel dominated Zimbabwe’s trade with regional and continental markets. But the concentration also leaves the trade position exposed to movements in commodity prices, production volumes and demand in key export markets.

For now, the latest figures show that mining remains the principal engine of Zimbabwe’s export trade, with the sector providing the earnings base behind a US$320.6 million monthly trade surplus.

Zimbabwe’s mining industry is set for a major gathering in Kwekwe this weekend, with all mining entities expected to be represented at the Chamber of Mines Inter Mines Golf Tournament as strong interest from suppliers drives participation, Mining Zimbabwe can report.

By Ryan Chigoche

The tournament, formerly known as the Jumbo Golf Tournament, will be hosted by Zimplats at the Kwekwe Country Club, bringing together mining companies, suppliers and other stakeholders from across the industry.

Chamber of Mines of Zimbabwe chief executive Isaac Kwesu said participation had increased this year, with mining companies across the sector, including new entrants still at the project-initiation stage, joining the event to build industry connections.

“All mining entities this year, unlike in the past, are going to be represented, including the new entrants. Those that are still at project initiation level, they are equally coming to do their networking,” Kwesu told Mining Zimbabwe.

The strong turnout has also been reflected among mining suppliers, with organisers receiving enough interest to require limits on the number of teams individual companies could enter.

Kwesu said some suppliers had sought to register multiple teams, but the Chamber opted to spread participation more widely so that businesses across the supplier base could benefit from the networking opportunities.

“We want to give every mining supplier an opportunity to network,” he said.

The level of interest underscores the growing role of the tournament beyond golf, with the Chamber using the event as an informal platform for mining companies and their business partners to engage on issues affecting their operations.

Kwesu said the relaxed setting allows miners and suppliers to discuss business matters and build relationships outside the more formal environment of conventional meetings.

“This tournament provides networking opportunities for miners and other key stakeholders, specifically those in the sector, suppliers, to link and discuss key matters that affect their business in a relaxed environment, as opposed to hard meetings,” he said.

The Chamber regards the tournament as one of Zimbabwe’s largest golf events outside the Zimbabwe Open, in terms of participation as well as the organisation of prizes.

This year’s edition will take place in Kwekwe, placing the event in the Midlands, one of the country’s key mining centres. The location also provides a central meeting point for participants travelling from different parts of Zimbabwe.

The tournament is expected to bring together established mining producers, new projects and suppliers serving the sector, creating opportunities for businesses across the value chain to strengthen relationships and engage on issues affecting the industry.

Kwekwe’s political leadership is also expected to attend the event, which has received local support.

For the Chamber, the broad participation reflects the value of creating informal platforms where mining companies, suppliers and other industry stakeholders can connect and discuss business opportunities and challenges.

The tournament will therefore combine competition on the golf course with a wider programme of industry networking, as Zimbabwe’s mining companies and their business partners converge on Kwekwe.

Zimbabwe’s gold deliveries rose to 5,119.1995 kilograms in August 2026, recording a 10.1% month-on-month increase from the 4,649.3096 kilograms delivered in July, Mining Zimbabwe can report.

By Rudairo Mapuranga

Figures from Fidelity Gold Refinery (FGR) also show a 20.7% year-on-year increase from the 4,242.9139 kilograms delivered in August 2025, highlighting continued growth in the country’s gold sector.

The increase was largely driven by the small-scale mining sector, which delivered nearly four tonnes during the month and accounted for more than three-quarters of national gold deliveries.

Small-scale miners delivered 3,978.4458 kilograms in August, up 14.9% from the 3,460.7549 kilograms recorded in July.

Compared with August 2025, when the sector delivered 3,249.9256 kilograms, small-scale deliveries increased by 22.4%.

Large-scale mining operations, meanwhile, delivered 1,140.7437 kilograms in August, down 4.0% from the 1,188.5547 kilograms recorded in July.

Despite the monthly decline, large-scale deliveries were 14.9% higher than the 992.9883 kilograms delivered in August 2025.

Small-scale miners maintain dominance

The August figures further underline the dominant contribution of the small-scale mining sector to Zimbabwe’s gold production and deliveries.

Small-scale miners accounted for approximately 77.7% of total gold deliveries during the month, compared with 22.3% from large-scale producers.

The continued dominance of the sector comes amid government efforts to formalise artisanal and small-scale gold mining, improve traceability and strengthen the integration of smaller producers into the formal gold marketing system.

The Zimbabwe Miners Federation (ZMF) has continued to push for greater formalisation and increased gold deliveries from the ASM sector, with the organisation targeting 45 tonnes from small-scale miners in 2026.

Large-scale mining records annual growth

Although large-scale deliveries declined slightly month-on-month, the sector maintained strong year-on-year growth.

The 1,140.7437 kilograms delivered in August represented a 14.9% increase from the corresponding month last year, indicating that larger producers continue to contribute significantly to overall sector growth.

The large-scale pipeline is also expected to expand as new and restarting operations progress.

Caledonia Mining’s Bilboes development and Namib Minerals’ Redwing restart are among projects expected to contribute to Zimbabwe’s future gold production as they advance towards increased output.

Zimbabwe tracks annual gold target

August’s 5.1192-tonne delivery brings Zimbabwe’s cumulative gold deliveries for the first eight months of 2026 to approximately 31.2 tonnes, putting the country more than halfway towards its 55-tonne annual target.

At August’s monthly delivery rate, the country would record an annualised output of approximately 61.4 tonnes.

However, reaching the 55-tonne target will depend on maintaining or improving delivery levels during the final four months of the year.

Zimbabwe needs approximately 23.8 tonnes between September and December to reach the 55-tonne target, equivalent to an average of roughly 6 tonnes per month.

The August performance therefore represents a strong contribution towards the annual target, although sustained deliveries will be required through the remainder of the year.

ASM target remains ambitious

The ZMF’s 45-tonne target for the small-scale mining sector remains a key measure of the sector’s contribution to national gold output.

The August delivery of nearly four tonnes demonstrates the capacity of the sector to generate substantial volumes, although achieving the annual target will require strong performance during the remaining months of 2026.

The latest figures also reinforce the importance of maintaining formalisation initiatives and improving the efficiency of gold marketing channels serving small-scale producers.

Zimbabwe’s gold sector has increasingly relied on the ASM sector to drive national deliveries, while investment into large-scale operations is expected to provide an additional source of production growth over the longer term.

With August deliveries rising both month-on-month and year-on-year, the latest FGR figures point to continued momentum in Zimbabwe’s gold sector as the country enters the final quarter of 2026. (High)

Unki Mine has become the first mining operation globally to complete a full renewal audit under the Initiative for Responsible Mining Assurance (IRMA), retaining its IRMA 75 performance level after an independent assessment of its responsible mining practices, Mining Zimbabwe can report.

By Rudairo Mapuranga

The renewal audit, conducted by SCS Global Services, assessed the Shurugwi-based platinum group metals operation against 428 requirements of the IRMA Standard for Responsible Mining.

According to IRMA, Unki substantially or completely met all 40 critical requirements and achieved at least 75% of the applicable requirements across each of the Standard’s four principle areas.

The four areas are business integrity, planning for positive legacies, social responsibility and environmental responsibility.

The latest assessment marks the completion of the first full IRMA assessment cycle by a mining operation, taking Unki through an initial audit, surveillance assessment and subsequent renewal.

Unki first achieved an IRMA 75 rating in 2021 after becoming the first mine to publicly commit to an independent assessment against the IRMA Standard. Its performance was subsequently reviewed through a surveillance audit in 2024 before the latest renewal assessment.

IRMA said Unki’s performance improved in three of the four principle areas compared with its initial assessment, with improvements recorded in business integrity, planning for positive legacies and environmental responsibility.

Performance in social responsibility remained at the same level as the initial assessment.

The renewal process involved a review of the mine’s performance against the Standard, including an assessment of how it had addressed requirements identified during the previous assessment cycle. The process also included engagement with community stakeholders and other interested parties.

The IRMA Standard covers a broad range of issues, including legal compliance, human rights, labour practices, community engagement, environmental management and biodiversity.

The process has also provided surrounding communities with a structured mechanism to engage with Unki over mining-related issues.

According to documentation from the Zimbabwe Environmental Law Organisation (ZELO), formerly known as the Zimbabwe Environmental Law Association, community representatives have participated in engagement processes linked to the IRMA assessment.

The Shurugwi Development Trust has also reported the establishment of a quarterly community engagement forum involving representatives from surrounding villages, creating a platform for communities to raise concerns and discuss mining activities.

The IRMA reports have further provided communities and civil society organisations with publicly available information that can be used in engagement with government and other stakeholders on mining-related impacts.

Unki has also supported community development initiatives through partnerships with organisations including Technoserve, World Vision, Zvandiri and the Apostolic Women Empowerment Trust.

The latest renewal comes under Valterra Platinum, which assumed ownership of Anglo American’s platinum business in May 2025 following the demerger that created the independently listed PGM company.

Unki remains one of Valterra Platinum’s key Zimbabwean operations and is located in the mineral-rich Great Dyke in the Shurugwi area.

IRMA uses four achievement levels — IRMA Transparency, IRMA 50, IRMA 75 and IRMA 100 — with IRMA 75 indicating that a mine has met the required critical requirements and achieved at least 75% performance across each of the Standard’s four principle areas.

Unlike schemes that rely primarily on company self-reporting, IRMA’s model is based on independent third-party assessment and publicly available audit information, allowing communities, investors and other stakeholders to examine a mine’s performance.

For Unki, the renewal represents the continuation of an independently assessed responsible mining programme while demonstrating improvements in several areas since the mine’s first IRMA assessment.

The achievement also gives Unki a unique position in the global responsible-mining landscape as the first operation to complete the full IRMA audit cycle.