Business

New entrant to Zimbabwe PGM industry says $1bn mine to start construction in 18 months

Benedict Peters   “From where we are now, we will go to resource definition, after that we will go to resource modelling, after mine development and then mine construction,” Lionel Mhlanga, Bravura’s manager in the southern African country, told Bloomberg News. “Those are all things that should happen in the next 18 months.” Bloomberg News said the project would cost about $1bn to develop. Bravura joins Tharisa, a Johannesburg- and London-listed chrome producer, and Russian-backed Great Dyke Investments which are also examining the feasibility of building a new PGM mine in Zimbabwe. Bravura’s project is located on a 3,000 hectare concession in Selous which is about 80 kilometres south of Zimbabwe’s capital Harare and close to existing platinum mines, said Bloomberg News. Zimbabwe has ...

Zimbabwe to Pick Adviser by Christmas to Help Raise $3.5 Billion

 The money is needed to compensate evicted White farmers  Country’s president will launch an economic plan on Nov. 16 Resolving the issue is seen as crucial to restoring Zimbabwe’s relations with Western nations and multilateral lenders, including the U.S. and the International Monetary Fund, which have imposed sanctions on the country’s leaders and frozen financial assistance. Seven applications were received after a call was made for an advisory firm and three of those, including local and international companies, have been shortlisted, Ncube said in a virtual interview on Monday. The government has identified some assets it can use as “seed capital” for the payments, which are meant to cover improvements made to the farms, such as dams, rather than the land itself. “It is my hope that w...

Zimbabwe veg producer taps renewables start-up for solar power backup

Nhimbe Fresh said the planned 1.9 megawatt (MW) solar farm and battery storage facility would make its business less prone to electricity shortages caused by frequent power cuts in Zimbabwe, which in some parts of the country lasted up to 18 hours earlier this year. “The power outages have a major impact on our production and processing, reducing our capacity to 60%. We have backup diesel generators for the packhouses and irrigation, but they’re too expensive to run,” said Nhimbe Fresh’s Chairman Edwin Moyo. Sun Exchange, which allows people to buy individual cells on solar projects and earn a rental income in cryptocurrency, said it would launch crowd-sales for phase 1 of the three-stage project. The first phase will power Nhimbe’s packhouse and cold store fa...

Women and young people in Zimbabwe’s COVID-19 economy

This is now the fifth update since March/April (see summary so far here). The pandemic has not proceeded as some feared in Zimbabwe, and recorded case numbers (at 8471 on November 6) and deaths (at 250) are still low. There is much speculation about how and why the pandemic took a different course across Africa, and in future blogs we will explore some of these hypotheses in relation to the Zimbabwe setting. As colleagues mentioned during the call, “We really don’t know any cases where we live, even in the hospitals and clinics. We don’t see people sick with the virus so far”. What is feared is the return of migrants from South Africa plus visitors from Europe and the UK during the holiday season. “We hope the government will be strict. There are requirements for test certificates, but you...

Zimbabwe looking underground for golden economic revival

The landlocked southern African country boasts vast gold reserves   Global gold prices have surged more than 30 percent this year, topping a record $2,000 (1,700 euros) an ounce in August, as the precious metal became a safe haven for investors in the face of Covid-induced volatility. The landlocked southern African country boasts vast gold reserves, alongside chrome, diamonds, platinum and another 40 other minerals. The government is eyeing gold as a possible magic bullet for an economy forecast to contract by a tenth this year, according to the International Monetary Fund (IMF). According to official figures, gold production in the first eight months of 2020 rose 10 percent, driven especially by output from small-scale miners. Plans are under way to reap $12 billion (10.2 billion eu...

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