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Zimbabwe loses US$144 billion in potential revenue from the mining sector

Zimbabwe loses US$144 billion in potential revenue from the mining sector

ZIMBABWE has lost US$144 billion in potential revenue from the mining sector since 2009, largely due to a plethora of problems, among them a power supply crisis, punitive tax regime and investor fatigue caused by unfriendly laws, the Financial Gazette can report. Volatile commodity prices are also said to have played a part in the […]

Zimbabweans gave Mugabe freedom to destroy ‘bread basket of Africa’

Zimbabweans gave Mugabe freedom to destroy ‘bread basket of Africa’

A LEADING figure in neighbouring South Africa’s growing anti-President Jacob Zuma social movement has warned the country’s citizens not to allow their nation to be destroyed “Zimbabwean style”. Freedom Movement’s Prince Mashele told journalists this week that Zimbabwe represents a perfect example of a citizenry that allowed its leadership a free rein at destroying the […]

Salvaging NRZ, Zisco and Hwange Colliery from total collapse

Salvaging NRZ, Zisco and Hwange Colliery from total collapse

Meanwhile, the minimum wage levels in the rest of the region only increased at average annual rates way below that level — 19 percent in Zambia, 6,3 percent in South Africa, 5,9 percent in Mozambique and only two percent per year in Botswana over the same period. While wage levels increased disproportionately in Zimbabwe, regional […]

Coal miner Hwange Colliery Company signs 25-year deals

Coal miner Hwange Colliery Company signs 25-year deals

Zimbabwe’s largest coal miner, Hwange Colliery Company Limited (Hwange), has signed two 25-year coal supply agreements with two local companies. The initiatives will see the company supplying more than 400 000 tonnes of coal per month to State-owned Zimbabwe Power Company and independent electricity producer Lusulu power. Hwange managing director Thomas Makore yesterday said the […]

US$15 million ‘siphoned’ from gold miner Freda Rebecca as Zimbabweans suffer

US$15 million ‘siphoned’ from gold miner Freda Rebecca as Zimbabweans suffer

More than US$15 million could have been siphoned from gold miner Freda Rebecca (formerly Mwana Africa) through a series of underhand dealings by its new owners, insiders have alleged. Freda Rebecca is a unit of Asa Resources. At the centre of the allegations is Mr Yat Hoi Ning, who was board chair at Freda Rebecca until last […]

African leaders must address problems hindering development of Africa’s natural resources

African leaders must address problems hindering development of Africa’s natural resources

This year’s Tana High-Level Forum on Security in Africa, which will take place on April 22 and 23, will focus on natural resources governance in Africa. Africa’s rich natural resource endowment has long been at the heart of both the continent’s many violent conflicts and its hopes for prosperity, so the stakes are high. The resources […]

Ethiopian Govt Revokes Over 50 Mining Licences

Ethiopian Govt Revokes Over 50 Mining Licences

Ethiopia has cancelled over 50 mining and explorations licences, official said. The Public Relation and Communications Director at the Ministry of Mines, Petroleum and Natural Gas (MoMPNG), Mr Bacha Faji, said the action followed the failure by several licence holders to commence operations on schedule. “We cancelled over 50 mining licences recently, mainly because the […]

Small-Scale Miners’ Huge Boost to Foreign Earnings in Ethiopia

Small-Scale Miners’ Huge Boost to Foreign Earnings in Ethiopia

Mines, Petroleum and Natural Gas Ministry said that artisan miners are exporting larger proportion of minerals than industrial mining thereby securing foreign currency for the nation. Ministry Mineral Marketing and Value Chain Director Tewoldeberhan Abay told The Ethiopian Herald that the artisan miners generated 70 million USD while the industrial ones secured 62 million USD […]

President John Magufuli’s Prophesy Comes to Pass in Tanzania

President John Magufuli’s Prophesy Comes to Pass in Tanzania

President John Magufuli yesterday named a second team of experts to join an ongoing investigation into the mineral content in hundreds of tonnes of copper concentrate held in different parts of the country. The government has banned export of the copper concentrate mined by multinational companies as well as small scale miners until the investigation […]

Penhalonga Diamonds Find Worries Locals

Penhalonga Diamonds Find Worries Locals

Residents here say they were worried following reports that there could be deposits of kimberlite diamonds in the community and surrounding areas. Villagers fear that the experiences at Marange could be repeated in their community. The government unleashed the army in a bloody campaign on Marange after thousands of panners swooped on the district following […]

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